AROUND THE WORLD'S MARKETS: SAO PAULO

THE BOVESPA index, following Wall Street, closed down after early gains on concerns over emerging markets amid capital flight and devaluation pressures. The index fell 45.06 points to close at 6,805, resuming its fall after Tuesday's 6.87-per cent gain.

Brazil and Venezuela could both be pressed to devalue after Colombia widened its exchange rate band to allow for a steep depreciation of its currency. President Fernando Henrique Cardoso has vowed not to devalue the real against the dollar.