Brazil Real, Stocks Gain on Recovery Bets After Election Results
- Government supporters beat Workers’ Party in local voting
- Currency and Ibovespa are world’s best performers this year
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Brazil’s real and stocks advanced, extending the world’s best performances this year, as the results of city elections fueled optimism that the government can win the support it needs to pass measures aimed at restoring growth.
The real rose 1.6 percent to 3.2099 per dollar and the benchmark Ibovespa index climbed 1.9 percent to 59,461.23 Monday in Sao Paulo, the biggest advance in the Americas. The currency has gained 24 percent and the equity gauge has advanced 68 percent in dollar terms in 2016 on bets that President Michel Temer will be able to stem the budget deficit that cost Brazil its investment grade last year.