Monday, May 4, 2009
Measured in dollars, Brazil's stock market is up 84% from its November lows. Almost one quarter of that gain comes from the appreciation of the real against the dollar. Emerging markets in general are doing very well these days, as 1) the threat of a U.S. depression has all but vanished, 2) money is easy all over the world, 3) commodity prices are rising, and 4) the global economy is bouncing. This is more than a "green shoot," it is a recovery. Confidence is returning to lots of markets. Very bullish for all risk assets.
Posted by Scott Grannis at 12:11 PM