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Joseph Cotterill
@jsphctrl.ft.com

This will be out of date quickly today (the Brazilian real has opened down a lot against the dollar), but in dollar terms, Brazil's stock market was up 38% so far this year (or 27% local currency). Versus 41% (29%) for Korea, which had all the emerging-market attention as the hot AI market.

Joseph Cotterill
@jsphctrl.ft.com

Good day for noting that big currency sell-offs in Brazil (like today) also tend to make global coffee and sugar cheaper. Big falls in the real give farmers more incentives to earn dollars from exports and increasing global supply. Arabica coffee futures are off over 3% today.

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