Brazil leads emerging markets higher

|By:, SA News Editor

With the Nasdaq and Russell 2000 each off 2% and the S&P 500 down 0.6%, what's working today? Emerging markets (EEM +0.7%), particularly Latin America (ILF +2.2%), particularly Brazil, where the weight of a year-long rate hike cycle looks to be coming to a close just as monetary tightening gets underway in the States.

Up 2.6% today, the iShares MSCI Brazil Index (EWZ) is ahead more than 20% since the start of February.

Brazil's banks: Banco Bradesco (BBD +2.8%), Banco Santander Brasil (BSBR +2.9%), Itau Unibanco (ITUB +2%).

Brazil ETFs: EWZ, BRF, BRXX, EWZS, BRAQ, BRAZ, BZQ, BRZU, BRAF, UBR, BRZS, DBBR, FBZ

LatAm ETFs: AND, ILF, LBJ, GML, LATM, EEML, FLN