Brazilian assets listed in Europe notched up solid gains after parliament Wednesday launched impeachment proceedings against President Dilma Rousseff.
London-listed iShares MSCI Brazil gained 4 percent to 1247.5 pounds, the highest since last Friday. Brazilian American Depositary Receipts (ADRs) listed in Europe rose 2-3 percent, with the Frankfurt-listed ADR for Brazil's state-run oil company Petroleo Brasileiro SA jumping 3.4 percent to 3.673 euros, reports Reuters.
UBS's Narain said that Brazil is probably the biggest concern among emerging market countries at the moment.
Rousseff has become Brazil's most unpopular president in a generation as Latin America's largest economy has subsided into stagnation on her watch.