There’s an awful lot of money in Brazil. This week, according to Morgan Stanley Capital International, whose indices are used as benchmarks by most international money managers, it has taken over as the world’s largest emerging market.

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John Authers on Brazil’s impressive bull run

A rally for Brazilian stocks combined with falls in China has left Brazil with a slightly larger market value – in terms of the stocks that are available to foreign investors. Now accounting for 14.95 per cent of the MSCI emerging markets, it is also bigger than Korea (13.69 per cent), Russia or India.