Brazil stocks hit record high on election optimism

Brazil stocks hit record high on election optimism

Chamber Articles Category: Economic News Post Date: 01/09/18 Source: Nasdaq By: Reuters
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Brazilian stocks edged higher to mark a record close on Monday, underpinned by optimism over the nation's fiscal outlook as well as a strong flow of international investment.

The benchmark Bovespa stock index continued its climb following a seven-day string of gains.

Former President Luiz Inácio Lula da Silva, who has railed against Temer's policies, is leading opinion polls, but he could be barred from running if a conviction for corruption is upheld by a higher court on Jan. 24.

Signs that an economic recovery is picking up steam have also supported demand for Brazilian stocks, which should see earnings growth as Latin America's largest economy regains a solid footing.

"Inflows from foreign investors remain substantial and the pipeline looks strong," analysts at the Magliano brokerage wrote in a report. Read Full Article