Brazil is often touted as a major consumer market of the future now that the middle classes are expanding and spending more. But Brazil’s benchmark index, the Bovespa, is hardly a pure play on this theme.

Basic materials, mining and oil and gas firms comprise almost 40% of the index. So sentiment towards commodities and China, a key buyer of Brazilian raw materials, is a major influence on this Brazilian index.

Financials, consumer goods and consumer services, all of which reflect consumption, collectively account for 46%. Industrials and telecoms, both worth around 3.5% of the index, complete the sectoral breakdown.

• See Tim Bennett’s video tutorial: What is an index?