Mexico, apparently, is the new Brazil. Mexico’s IPC equities index is up almost 10 per cent this year, while Brazil’s Bovespa index is off about 1 per cent. Today, Brazilian stocks are trading at their June 2009 level – not the performance foreign investors expected when they flooded back to the country that year.
What made Brazil attractive was the power of its domestic market – that, and its status as a big supplier of the commodities that other countries need for growth, such as iron ore and soyabeans.
Its consumers were on a credit-fuelled binge and Chinese consumers were rushing to catch up.
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