Brazil's stocks and currency gain slightly
SAO PAULO - Brazil's stocks and currency rose slightly on Thursday, following gains in U.S. and other markets and an unexpected interest rate rise by the Bank of England.
The Sao Paulo Stock Exchange's benchmark Bovespa index <.BVSP> settled 0.81 percent higher at 42,677 points. The Brazilian real ended 0.19 percent stronger at 2.146 per U.S. dollar.
"The improvement in overseas markets is being felt here," said Vanderlei Arruda, head of currencies at the Souza Cruzbrokerage.
U.S. weekly jobless claims fell well below economists' median forecast, suggesting the labor market is resilient. Traders said they were keen to see more indicators on Friday that could provide clues about the strength of the U.S. economy.
The Bank of England's quarter-point rate hike to 5.25 percent reminded local traders about global inflationary risks. But the European Central Bank held its benchmark rate steady at 3.5 percent, and European stocks climbed to their best level in months.
On Brazil's market, shares of mining company CVRD (VALE5.SA: Quote, Profile , Research) gained 1.05 percent to 53.10 reais after losing ground earlier.
Oil company Petrobras (PETR4.SA: Quote, Profile , Research), the heaviest weighted stock in the Bovespa index, slipped 0.09 percent to 45.21 reais. The stock has fallen about 11 percent since the beginning of the year as oil prices slipped from previous highs.
The Sao Paulo Stock Exchange's benchmark Bovespa index <.BVSP> settled 0.81 percent higher at 42,677 points. The Brazilian real
"The improvement in overseas markets is being felt here," said Vanderlei Arruda, head of currencies at the Souza Cruzbrokerage.
U.S. weekly jobless claims fell well below economists' median forecast, suggesting the labor market is resilient. Traders said they were keen to see more indicators on Friday that could provide clues about the strength of the U.S. economy.
The Bank of England's quarter-point rate hike to 5.25 percent reminded local traders about global inflationary risks. But the European Central Bank held its benchmark rate steady at 3.5 percent, and European stocks climbed to their best level in months.
On Brazil's market, shares of mining company CVRD (VALE5.SA: Quote, Profile , Research) gained 1.05 percent to 53.10 reais after losing ground earlier.
Oil company Petrobras (PETR4.SA: Quote, Profile , Research), the heaviest weighted stock in the Bovespa index, slipped 0.09 percent to 45.21 reais. The stock has fallen about 11 percent since the beginning of the year as oil prices slipped from previous highs.
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