Equities: Telecoms To Outperform

Although Brazil's robust macroeconomic performance may not be currently translating into equity gains, over the longer term we remain bullish towards the Bovespa, and identify the telecoms, utilities and financials sectors as having the greatest potential to outperform, with consumer stocks set to lag. While our long-term outlook for Brazil's Bovespa index remains very positive, the short-term technical picture for many of the Bovespa's sub-indices does not look great.

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