The Brazilian Bovespa, which has been one the best performing global equity indices in 2012, looks like it’s rolling over. It was down 1.62 percent today and closed below its 50-day moving average for the first time this year. Brazil’s commodity led economy is closely linked to China, which is slowing and reflected in the down move in the Shanghai Composite.
These may be just healthy corrections and let’s see if the Bovespa can bounce off the 50-day here. Keep them on your radar.
(click here if charts are not observable)
Global Macro Monitor 