Banco Bradesco (BBD) Stock Rising Along With Brazil’s Real
NEW YORK (TheStreet) --Shares of Banco Bradesco (BBD) - Get Report are gaining by 3.34% to $6.03 on Wednesday morning, as some U.S. traded Brazil-based stocks get a boost from the rise in the Brazilian real.
Brazil's currency moved higher after the country's Congress on Tuesday upheld presidential vetoes of legislation that would have upped fiscal expenditures, giving the government a boost as it looks to shore up the budget, Bloomberg reports.
Banco Bradesco is a Sao Paulo-based commercial bank offering a range of banking and financial products and services in Brazil.
The real gained by 0.7% to 3.789 per U.S. dollar as of 2.45 p.m. in Sao Paulo.
Legislatures will continue to vote on vetoes today.
"The vote yesterday shows that there might be less political divergence," Georgette Boele, a currency strategist at ABN Amro Bank told Bloomberg. "The real could recover further if the Congress also upholds the presidential veto today."
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