Around the World's Markets: Sao Paulo

Click to follow
The Independent Online
BRAZILIAN stocks soared, buoyed by rising hopes that legislators will impose new taxes to bring down the country's soaring deficit.

The Bovespa index rose 4 per cent to 7,677.62 as the lower house debated a bill to introduce a tax on state pensioners.

The measure would cut Brazil's $46.8bn deficit by $2bn and help the country to qualify for emergency loans from international lenders. It would also help to restore fragile investor confidence in Brazil's financial and economic health.