The Bovespa was yesterday's big winner, surging 3.7% following faster-than-expected weekend manufacturing data out of large customer China. VALE - whose top export market is China - gained 3% (the ADRs are +2.4% premarket).
"Most of the risk for a China slowdown is already priced in," says fund manager Nick Robinson. "China will probably keep growing at a pace that's fast enough to support commodities prices."
EWZ +1.4% premarket.