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April 2, 2008
Brazilian Economic Miracle Continues
Despite weakening commodities and strong export ties to a stumbling U.S. economy, Brazilian markets are still motoring along. After being down for the first three months of the year, the Bovespa index is now flat on the year, and only a single-digit percentage off its 52-week highs.
It is to the point that Brazilian expats are now heading home in larger numbers, as this piece on Marketplace points out. Sadly, however, a great deal of this has to do with growing anti-immigrant sentiments in the U.S., not just improvements in the Brazilian economy.
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2. Comment by
Paul K.
--
April 2, 2008 @ 11:44 PM
Fernando -- I was being somewhat ironic -- a) people coming back is often a sign of a market top, and this is more about U.S. issues than Brazil's resurgence -- but I still think Brazil a major inflection point sitting right in front of it. Whether it passes through and stays, or falls back, is an open question.
Sorry. I didn't get the irony. ;)
Doesn't look that good down here. We have a lot of bottle necks to go throught until we get real growth.