Brazil Q2 GDP comes in fast

|By:, SA News Editor

Q2 GDP rose 1.5% from Q1 vs. expectations of 0.9%. For the full year GDP is ahead by 3.3% vs. 2.5% forecast.

Brazil's central bank overnight hiked its benchmark lending rate 50 basis points to 9% (as expected). It's the 3rd consecutive increase and the policy statement left the door open for further moves as the bank combats rising inflation/slipping real (BZF). This GDP report will do nothing to dissuade that policy course.

MSCI Brazil Index ETF (EWZ) +1.6% premarket.

Other Brazil ETFs: EWZ, BRF, EWZS, BRAF, BRXX, UBR, BZQ, BRAZ, BRAQ, BRZS, BRZU.