Ibovespa closes at nearly 4-year high

Ibovespa, the São Paulo Stock Exchange, closed at its highest level since January 2013 on 17 October 2016 (Estadao, Globo G1). Analysts have cited the recent positive outlook on the Brazilian economy, evidenced by lower inflation projections, lower interest rates and the reduction of gasoline and diesel costs announced by Petrobras on 14 October 2016 as reasons for the jump. In addition, some analysts believe President Temer has made strides in speaking with Indian Prime Minister Narenda Modi at this week’s BRICS Summit, a meeting of the heads-of-state of Brazil, Russia, India, China, and South Africa, in Goa, India. The exchange closed at 62,696 points, up 69.2 percent from its 52-week low of 37,046 points in February 2016.