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Brazil & Southern Cone - June 2016 (ISSN 1741-4431)

BRAZIL ECONOMY: Real-rally as Meirelles foresees light at the end of the tunnel

Brazil’s real rose by 0.6% to R$3.39/US$1 on 20 June, while the São Paulo stock exchange (Ibovespa) index rose by 1.6% to 50,329.36 points, with 49 of 59 stocks posting gains as investors reacted positively to suggestions by the country’s finance minister, Henrique Meirelles, that the interim government’s efforts to shore up the yawning fiscal deficit (now over 10% of GDP) would help restore economic confidence sooner rather than later. Meanwhile, private economists surveyed by Brazil’s central bank (BCB) for its weekly ‘Focus’ consensus report amended up slightly their forecasts.

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