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BRAZILIAN shares shrugged off news that the economy had slipped into recession, trading up 107.25 points, or 1.21 per cent, by mid afternoon at 8967.93.

Gross domestic product fell by a seasonally adjusted 1.64 per cent in the fourth quarter, the second successive quarterly drop.

The national statistics institute said: "At the end of the year, the objective of the government centred on balancing the public accounts, putting off growth ... for a more stable climate."