Shares ’soar’ in Brazil
Brazilian shares are "soaring" due to a "broad rise" in the economy, according to new reports.
The Latin American country has been praised for its tamed inflation, falling interest rates and "rapidly growing consumer purchasing power", being branded as "a gift" for US shareholders by Investors.com.
Manager of BlackRock’s Latin America Fund, Will Landers, told the investment news website: "Brazil has been a good place to be during the commodities super cycle that we’re still living through, and the export side continues to do well.
"What we’re seeing now is macroeconomic stability, with inflation and interest rates coming down. The domestic side of the economy is picking up nicely and is becoming an engine for growth."
Earlier this week the Brazilian stock market and currency rose sharply after positive results in the US helped boost optimism for the Latin American country’s growing economy.
There was more good news this week when Brazilian oil company Petrobras uncovered what is estimated to be at least 40 per cent of the country’s oil reserves, opening up a lucrative market.
Brazil’s strengthening economy is also having a knock-on effect on the country’s real estate market, with an independent property investment publication naming it one of the most lucrative places to invest in Latin America this week.
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