Around the World's Markets: Sao Paulo

BRAZIL'S KEY Bovespa index soared more than 6 per cent in midday trade to 6,517 points on hopes for global credit easings.

But the rallies were unlikely to stick, warned Bob Gay at Bankers Trust. "There is no trend perceivable until the issue of Group of Seven, International Monetary Fund and possibly US support for Brazil is in place, which could be weeks away," he said.

Spain's interest rate reduction sparked speculation the US may lower rates again in November.