Itau Unibanco (ITUB) Stock Surges on Real Gains

Itau Unibanco (ITUB) stock is rising in midday trading on Thursday, as the Brazil's real is supported by easing political tensions.
By Amanda Albright ,

NEW YORK (TheStreet) -- Itau Unibanco Holding (ITUB) - Get Report  stock is gaining by 1.17% to $7.75 in midday trading on Thursday, as the Brazil's real increases as political concerns are mitigated.

The real rose after Congress voted to support President Dilma Rousseff's spending restrictions and the decision on whether to accept an impeachment request against Rousseff was delayed, Bloomberg reports.

The real rose 1.1% to 3.7231 per dollar as of 12:56 p.m. in Sao Paulo, according to Bloomberg.

"The market is looking for better opportunities in this scenario," Pedro Paulo Silveira, chief economist at TOV Corretora, told Bloomberg. "The signals from the Fed are a relief and the impeachment talks in Brazil softened. But we should be cautious, none of this is a sure thing."

Itau Unibanco is a financial services company based in Sao Paulo. 

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