By Alexander Ragir
Oct. 13 (Bloomberg) -- Brazilian stocks rose for the first time in eight days after governments in Europe, the U.S. and Asia agreed to support banks, easing concern that credit seizures will curb demand for commodities.
Petroleo Brasileiro SA, Brazil's state-controlled oil company, gained 7.3 percent to 25.75 reais as oil rose from a 13- month low. Cia. Vale do Rio Doce rallied 8.6 percent to 26.38 reais as nickel, aluminum, zinc and lead jumped in London.
The U.S. Federal Reserve said central banks will offer financial institutions unlimited dollar funds and Europe pledged to guarantee bank debt issues and permit governments to buy stakes and recapitalize some distressed financial companies.
The Bovespa index sank 20 percent last week, the worst weekly decline since October 1997.
To contact the reporter on this story: Alexander Ragir in Rio de Janeiro at aragir@bloomberg.net.
Monday, October 13, 2008
Brazilian Stocks Surge on Global Bank Bailout Plan; Vale Jumps
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