Brazil's stocks gained on Friday and the national currency edged lower as monthly trade came to a close and concerns eased about possible rises in US interest rates, which would cut demand for emerging market assets. The Bovespa index of the Sao Paulo Stock Exchange rose 0.45 percent to 54,392.06 points.
The index has risen more than 22 percent so far in 2007. On the stock market, state-controlled oil giant and bellwether Petrobras gained 0.86 percent to 51.64 reais, tracking a rise in international crude prices. Benchmark crude futures prices surged in London and New York as gasoline inventories fell in the United States.
Iron ore giant CVRD, the second-most heavily weighted stock in the Bovespa index, rose 1.94 percent to 72.49 reais. The company said late Thursday that it received approval from the government of Mozambique for its $1.6 billion Moatize coal project.
Brazilian markets were boosted by US data showing that consumer prices, excluding food and energy, rose at the slowest annual pace in more than three years. The news eased concerns about possible US interest rate rises, even though separate data showed business activity expanded more than expected in the US Midwest.
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