Brazil stocks up on commodities rally, real surges
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SAO PAULO, Jan 6 (Reuters) - A global rebound in stock markets and commodities prices on Tuesday helped Brazilian shares shrug off grim news on the domestic economy and notch a sixth consecutive session of gains.
The national currency also jumped more than 3 percent against the U.S. dollar, gaining for a second straight day.
In a sign of growing confidence in a global market recovery, Brazil's Treasury plans to sell $1 billion in 10-year global bonds, tapping international capital markets for the first time since May 2008, a source with knowledge of the deal said on Tuesday.
The Bovespa index .BVSP of the Sao Paulo stock exchange rose 1.9 percent to 42,312.28, bringing its gains over six sessions to 16 percent.
A rally in metals prices boosted mining and steel shares around the globe. In Brazil, mining company Vale (VALE5.SA: Quote, Profile, Research) closed 3.4 percent higher at 28.95 reais.
Steelmakers Gerdau (GGBR4.SA: Quote, Profile, Research) and Usiminas (USIM5.SA: Quote, Profile, Research) climbed 4.1 percent to 17.70 reais and 1.9 percent to 31.17 reais, while CSN (CSNA3.SA: Quote, Profile, Research) rose 5.9 percent to 36.59.
The Bovespa rose despite data showing industrial production in Latin America's largest economy had its worst monthly plunge in more than 13 years in November, with output dropping 5.2 percent. For more see [ID:nN06428203].
Manufacturers that depend most on credit felt the brunt of the contraction, with 21 of 27 industrial sectors tracked posting declines, government data showed. Continued...
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