The Bovespa Index is the flagship index of the Brazilian stock exchange, known by its acronym, BM&FBOVESPA. The index includes 68 of the 370 companies listed on the exchange, which represent roughly 70% of the exchange’s total capitalization and 80% of its trades. The Bovespa is calculated in reference to prices on February 1, 1968.
Overnight emerging markets trading was interesting to say the least. With multiple straight down sessions in a row and Japan’s NIKKEI suffering the most — five straight sessions to the downside — market participants began to pick through the rubble after strong earnings from Caterpillar (CAT, quote) and Boeing (BA, quote).
Overnight markets in Asia took a beating across the board on escalated fears the emerging market of Greece will not be able to pay off its debt. There are growing concerns the euro zone will be forced to cut Greece loose or approve some kind of debt forgiveness, wiping out money owed for the bailout.
Second quarter earnings season results in Brazil show weak data and a drop in companies’ earnings per share, according to a report from Santander bank.
Cities in emerging markets are poised for an economic boom. A report just released by McKinsey Global Institute projects that the 600 largest urban areas will produce about two-thirds of global economic growth by 2025.
Wednesday’s best web looks at Mongolia’s glut of natural resources, an agreement between Brazil and Russia to swap currencies, President Zuma’s plan to ‘transform’ the South African economy, America Movil’s valuation, and the pipeline deal between Turkey and Azerbaijan.
You hear a lot about Brazil’s strong economy and bountiful natural resources. You don’t however, hear much about Brazilian technology stocks.