Economics
Brazil's Stocks Rise on Finance Ministry Replacement Speculation
- Former central bank head Meirelles may take Levy's position
- Lender Itau contributed the most to the equity gauge's gain
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Brazilian stocks rose amid speculation that former central bank head Henrique Meirelles may replace Finance Minister Joaquim Levy, fueling optimism he could rally the political support needed to pass austerity measures aimed at shoring up the budget.
Newspaper Valor Economico reported that Meirelles and politicians are already discussing possible measures to trim the country’s deficit and restore growth. Former President Luiz Inacio Lula da Silva is among Levy’s critics and has thrown his weight behind Meirelles, who was the top monetary-policy official under his government, to lead Brazil’s economic rebound, O Estado de S. Paulo newspaper reported Wednesday.