Brazil Stocks Gain as Petrobras’s Rally Offset Fed Rate Concern

brazil stocks gain as petrobras’s rally offset fed rate concern

Recent News Source: Bloomberg Post Date: 10/06/2016

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10/06/2016 Brazil’s state-run oil producer Petroleo Brasileiro SA buoyed the Ibovespa stock index on Thursday as it extended a rally to an almost two-year high.
Petrobras, as the oil giant is known, was the best performer on the benchmark equity gauge as crude in the U.S. rose above $50 a barrel for the first time since June and as Brazil’s Congress voted to release the company from its obligation to be the sole operator of so-called pre-salt fields in ultra-deepwater blocks. Plane-maker Embraer SA rose after JPMorgan Chase & Co. recommended buying the stock.