Brazilian stocks index, Bovespa, rose nearly 2% on Friday ahead of this weekend's presidential election, whole Brazil's Real further consolidated. The MSCI's index of emerging market stocks in the region gained 1.24%. Although, the region's markets fared better than emerging markets elsewhere, they were on track to end a five-week winning streak.
Brazilian markets soared for a second day on Wednesday on an opinion poll confirming right-wing presidential candidate Jair Bolsonaro was gaining steam ahead of Sunday’s vote and was on track to beat his likely leftist rival in a second-round runoff.
Brazilian markets surged on Tuesday as stronger polling for far-right presidential candidate Jair Bolsonaro and a Congressional farm caucus endorsement boosted expectations that he may block the leftist Workers Party from returning to power.
Brazil stocks were lower after the close on Thursday, as losses in the real estate, industrial and financial sectors sectors led shares lower. At the close in Sao Paulo, the Bovespa index lost 0.01%.
The Brazilian central bank on Wednesday held interest rates at an all-time low despite a currency selloff, as widely anticipated, but said it could “gradually” raise them in the future if inflation expectations spike.
Brazil's economy grew 0.57% in July from June, Brazil's Central Bank said citing the Economic Activity Index (IBC-Br). The data shows a second consecutive month of GDP growth in South America's largest economy.
Brazil's benchmark Bovespa index rose 1.75% on Tuesday, rallying for a second straight day largely on a spike in commodities prices. Two of the Bovespa's most heavily weighted equities, miner Vale and oil giant Petrobras benefited from rising commodity prices worldwide amid escalating China-U.S. trade tensions and signals OPEC is not prepared to raise output to address shrinking supplies from Iran.
Brazilian markets ticked higher on Friday, bolstered by a new presidential election poll, sending the benchmark Bovespa index up more than 1% as the country's currency, the real, gained about 0.78%.
Brazilian equities and currencies slumped on Tuesday after an opinion poll on the presidential election showed leftist candidates gaining ground while market-friendly centrists did not.
In Brazil, the Real currency and benchmark Bovespa stock index strengthened slightly on Wednesday. Political uncertainty in Brazil took a toll after judicial authorities canceled the release of a closely-watched opinion poll on technical grounds.