Bovespa: Holding Off For Now

Fundamentally, we still like Brazilian equities, although a mixed technical picture means we prefer to remain on the sidles for now. Having previously highlighted our preference for Brazilian stocks over Mexican stocks on account of more attractive valuations on the Bovespa index (see our online service on March 30 'Equities Beginning To Look Expensive'), we are now looking for a confirmation that a bounce higher in Brazilian equities is on the cards.

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