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.
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See Tim Bennett's video tutorial: What is an index?
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