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Brazil's interim president announced austerity measures on Tuesday aimed at pulling Latin America's largest economy from its worst crisis in decades, warning that a failure to act would sentence future generations to “extraordinary hardship.” Speaking with government leaders in a national televised meeting, interim president Michel Temer, 75, also banged his hand on the table while insisting he was up to the job.
President Dilma Rousseff pledged on Wednesday to form a government of national unity if she survives an impeachment vote in Congress this weekend, but the odds of became steeper as allies continued to desert her. In effect a stream of defections from Rousseff's coalition makes it increasingly likely she will lose Sunday's ballot in the Lower House of Congress.
Brazilian share prices surged on Thursday to close 6.6% higher, a seven-year record, after fresh setbacks to populist President Dilma Rousseff raised the prospect of her being driven from power.
Brazil’s main stock exchange Bovespa is implementing changes to its benchmark Ibovespa stock index, the first since 1968, in an effort to correct recent distortions and better reflect the performance of local shares.
United States shares staged a late recovery on Monday to post only their second positive close of the month. Earlier, European and Asian markets fell on fears that Greece may default. In Latin America results were much in line with the US.
Latin American stocks fell on Monday as fears of a recession in Europe and the United States mixed with anxiety about the health of global banks to drive indexes below support levels, suggesting more losses.
Stock markets across Latin America, led by regional heavyweight Brazil, fell sharply Thursday as recession fears sent global markets down. Meanwhile the spot price of gold hit yet another record high of just below 1.829 dollars an ounce.
Latin American stocks marked their own course on Wednesday as the region remained relatively distant to turmoil in the United States and Europe.
The good performance of the Brazilian economy and its management of the 2008 world financial crisis have been headlines across the world, but there are also some warning signals form analysts regarding the possibility of asset bubbles and their consequences.