Brazil reverses losses after larger-than-hoped rate cut

|By:, SA News Editor

The central bank slashed its benchmark rate a full 75 basis points to 13% vs. expectations of just a 50 point move.

Down earlier, the Bovespa is now higher by 0.5%.

The iShares MSCI Brazil Index ETF (NYSEARCA:EWZ) was also lower earlier, but now up 1.65%.

Vale (VALE +3.5%), Petrobras (PBR +3.5%), Banco Bradesco (BBD +3%), Itau Unibanco (ITUB +1.9%), Banco Santander Brasil (BSBR +1.9%), Gol Linhas (GOL +3.6%)

ETFs: EWZ, BRF, BRZU, EWZS, BZQ, BRAQ, BRAZ, UBR, DBBR, FBZ