Brazil stocks jump after senator backs away from tax proposal
SAO PAULO Aug 18 (Reuters) - Brazil's Bovespa stock index extended gains on Tuesday afternoon after Senator Gleisi Hoffman backed away from a proposal she had made to phase out tax-deductible interest on equity payments.
According to a document posted on the Brazilian Senate's website, Hoffman said Brazil lacks "the right environment" to move forward with the proposal, without specifying further.
The Bovespa index touched an intraday high of 48,084 points shortly after the document's release, up nearly 2 percent, led by shares of banks. (Reporting by Brazil newsroom; Editing by Grant McCool)
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