Around the World's Markets: Sao Paolo

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The Independent Online
THE BOVESPA index was down slightly by 0.14 per cent at 6,697 in midday trading as traders warned that Wall Street would continue to influence the market more than usual until Brazil announced fiscal austerity measures.

President Fernando Henrique Cardoso is expected to wait until gubernatorial elections have been held on 25 October to detail the budget cuts and revenue increases.

At present, Brazil is spending about $350m a day to support its currency.