Brazilian Consumer Shares Demonstrate Resilience Since Start Of 2011 As Wider Index Falls

Since the start of 2011 the Brazilian Bovespa index has lost around 20% of its value on the back of concerns over the state of the global economy. Over this period Brazilian consumer shares, as measured by the ICONBV Brazil Consumer Index have outperformed and are down by only 5% (see first chart). This outperformance continues the pattern seen in the previous 12 months and can be linked to the continued strength of Brazil's consumer economy at a time when increasing global headwinds are likely to put pressure on the export sector. Given the importance of exports to the economy

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