Brazil stocks, currency up, U.S. house sales help

SAO PAULO, June 2 (BestGrowthStock) – Brazil’s stocks and currency
rose on Wednesday, arresting the previous day’s falls, on
reassuring U.S. house sales but the ongoing euro zone crisis
kept a lid on gains.

The benchmark Bovespa stock index (.BVSP: ) rose 0.99 percent
to 62,453.57, while the currency, the real (BRBY: ), strengthened
0.16 percent to 1.833 per dollar.

House sale transactions rose more than expected in the
United States in April and reached their highest level in six
months as people took advantage of government tax credits for
the purchase of homes. [ID:nN02163984]

Volumes fell with few other indicators on the horizon to
provide direction a day before Thursday’s Corpus Christi bank
holiday in which markets will close for the day.

“(The market) is rising almost in a vacuum. The only thing
that’s helping today is the (housing) indicator that came out
in the United States which came in above expectations,” said a
Sao Paulo share broker who asked to not to be named.

In Europe, the FTSEurofirst 300 index (.FTEU: ) shed 0.32
percent as fall out from Greece’s debt crisis continues to be
evaluated and despite better than expected employment data from
Spain whose overall outlook remains weak.

Commodities rose slightly after an earlier dip, with the
Reuters-Jefferies index (.CRB: ) rising 0.09 percent. The Bovespa
index includes a number of companies tied to the trade in raw
materials.

State-controlled energy company Petrobras (PETR4.SA: ), the
most heavily weighted stock in the Bovespa index rose 1.12
percent to 28.97 reais after sliding 3.2 percent on Tuesday, as
oil prices climbed 0.58 percent to $73.23.

Shares of mining giant Vale (VALE5.SA: ), the world’s largest
producer of iron ore, for which China is a major market, also
recovered some of the previous day’s losses, rising 0.78 reais
to 49.300 reais.

Airlines Tam (TAMM4.SA: ) and Gol (GOLL4.SA: ) were strong
gainers, rising 3.8 percent and 2.4 percent respectively.

Meatpacker JBS (JBSS3.SA: ), rose 4.08 percent to 7.65 reais
despite being at the center of an imbroglio between Brazilian
and U.S. authorities after a shipment of its processed meats
was rejected leading to queries about U.S. methods to test for
medicine residues. See: [ID:nN31258889]

Interest futures yields (0#DIJ:: ) were mixed.

Stock Market Advice

(Reporting by Peter Murphy; Additional reporting by
Aluisio Alves; Editing by Andrew Hay)

Brazil stocks, currency up, U.S. house sales help