SAO PAULO, July 1 (Reuters) - Brazilian stocks rose on Wednesday but ended well off the day's highs as data from major economies gave mixed signals on a possible global recovery while heavyweight Petrobras slumped along with oil prices.
The benchmark Bovespa index .BVSP closed up 0.15 percent at 51,543.78 as investors retrenched from a morning rush that had added as much as 1.6 percent.
Data from major economies shed little light on the sustainability of a possible economic recovery, with investors balancing weakness in the U.S. labor market with incipient signs of improvement in the global manufacturing sector.
Despite deeper-than-expected payroll cuts by U.S. private employers, manufacturing data from the United States, euro zone and China provided investors with some relief, boosting global stock markets. U.S. manufacturing contracted more slowly in June and euro zone manufacturing contracted less than expected that same month. Manufacturing in China, an important engine of the global economy, notched another month of growth.
Brazil's currency, the real BRBY, climbed 1.68 percent to 1.93 reais to the dollar as hopes for a global recovery increased appetite for risk. The currency also benefited from news that Brazil's trade surplus widened more than expected in June to its widest level since December 2006. See [ID:nN01502493].
At the stock market, Vale (VALE5.SA), the world's largest iron-ore producer, rose 0.90 percent to 30.12 reais as copper prices rose. A rally in metal prices also boosted shares in some steelmarkers, with Usiminas (USIM5.SA) up 2.62 percent at 42.7 reais and Gerdau (GGBR4.SA) 0.44 percent higher at 20.59 reais.
Source
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment