From the perspective of Brazil’s capital markets, it is almost as if the global financial crisis never happened. The country’s main equity index has gained more than 140 per cent in dollar terms this year. Both stocks and the currency are back to their levels before the collapse of Lehman Brothers.

“Brazil has been a great story,” says Alvise Marino of IDEAglobal, a New York research firm. “It may have slower growth than China, but it’s a lot easier to invest in.”