NEW YORK (TheStreet) -- Banco Bradesco (BBD) - Get Report stock is higher by 3.30% to $5.32 in late afternoon trading on Wednesday, after Brazil's budget deficit declined more than expected in August.
Earlier today, Brazil's central bank announced that the country's primary deficit was 7.3 billion reais ($1.8 billion) last month, compared to estimates for a gap of 11 billion reias by economists surveyed by Bloomberg. July's gap was 10 billion reais, according to Bloomberg.
In early September, the S&P downgraded Brazil's sovereign rating to junk due to the country's budget deficit, which ultimately pushed Brazil's real to an all-time low last week, Bloomberg reported.
Further, lawmakers' push to oust President Dilma Rousseff has exacerbated investor concern that the clash will interfere with her proposals to close the budget gap.
Banco Bradesco, based in Osasco, Brazil, offers a range of banking and financial products and services in Brazil and abroad to individuals, companies and local and international corporations and institutions.