Itau Unibanco (ITUB) Stock Rising in U.S. as Brazil Markets Gain
NEW YORK (TheStreet) --Shares of Itau Unibanco (ITUB) - Get Report are higher by 1.84% to $7.47 in midday trading on Wednesday, as some U.S. traded Brazil-based stock get a boost from the rally in Brazil's markets due to speculation surrounding the country's finance minister.
Itau Unibanco is a Sao Paulo-based holding company that provides a range of financial products and services to individual and corporate clients in Brazil.
There is growing speculation that the former manager of Brazil's central bank, Henrique Meirelles, could replace Joaquim Levey as finance minister in the next few months, Reuters reports.
The speculation spurred optimism among traders.
The thinking is that Meirelles, who severed as chief of the central bank during the two terms of President Luiz Inacio Lula da Silva, will unlock some much needed austerity bills currently stuck in Congress, Reuters noted.
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