Around the World's Markets: SAO PAOLO

SHARES in Brazil's benchmark index headed north after the Bovespa posted a handsome 6.87 per cent jump at Tuesday's end on the back of Wall Street.

The Bovespa climbed 2.7 per cent to a high of 7,105 points in early trade. Brazil and Venezuela could be pressured to devalue after Colombia widened its exchange rate band to allow for a steep depreciation of local currency. President Fernando Henrique Cardoso has vowed not to devalue the real against the dollar.