Itau Unibanco (ITUB) Stock Up as Brazil’s Real Gains
NEW YORK (TheStreet) --Shares of Itau Unibanco (ITUB) - Get Report are rising by 2.83% to $7.63 on Wednesday morning, as some U.S. traded Brazil-based stocks get a boost from the rise in the real today.
Brazil's currency got a boost 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.
The real was up by 0.4% to 3.797 per dollar at 12:02 p.m. in Sao Paulo.
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.
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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