Around the World's Markets: Sao Paulo

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The Independent Online
BRAZILIAN shares jumped 3.69 per cent in afternoon trade yesterday on optimism over the fiscal plan outlined by the government, widely expected to pave the way for an international loan. Sao Paulo's key Bovespa index surged to 7,122 points, also boosted by government intervention in the market.

President Fernando Cardoso was reported to have put together a $23.5bn package of tax increases and spending cuts in an attempt to trim its $60bn deficit, a condition for receiving up to $30bn of IMF aid.