Brazilian stocks rose on Wednesday after the government of top trade partner China signaled it would not let economic growth slip too far.
Mexico’s IPC index snapped a three-day slide, while Chile’s bourse reopened higher after a local holiday. China’s Premier Li Keqiang was quoted by state television late Tuesday as saying the government is able to achieve key economic tasks for this year, while China’s Commerce Ministry on Wednesday said it would soon release measures to support exports and imports.
The move helped iron-ore prices extend a recent rally and boosted shares of commodities exporters such as mining giant Vale SA.
“It’s mostly about China’s impact on mining and steelmaking today,” said Luiz Roberto Monteiro, a broker with Renascenca Corretora in Sao Paulo. “Metals prices are up on the outlook for Chinese growth after the statements from the government and we are also correcting some of the exaggerations in the market recently.”
Source Date: July 17, 2013
Photograph: Yasuyoshi Chiba/AFP/Getty Images