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Brazil: Stocks close up 4.85%

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The Sao Paulo stock exchange recovered some of its recent losses on Tuesday, closing up 4.85 per cent as global markets rebounded from chaos caused by fears over the impact of the coronavirus pandemic.

[SAO PAULO] The Sao Paulo stock exchange recovered some of its recent losses on Tuesday, closing up 4.85 per cent as global markets rebounded from chaos caused by fears over the impact of the coronavirus pandemic.

The Ibovespa index had plunged nearly 14 per cent Monday, triggering automatic circuit-breakers - which temporarily halt trading in case of massive sell-offs - for the fifth time in a week.

But Latin America's biggest stock market got a boost as markets rallied on expectations for massive stimulus spending from the United States to deal with the fallout of the deadly pandemic.

Brazil also announced its own stimulus package Monday night: 147 billion reals (nearly S$42.9 billion) in emergency spending.

The Brazilian real also gained back some ground, closing at five to the dollar - slightly stronger than its record low of 5.04 on Monday.

AFP