While 50% of GDP is driven by services, excluding financials, the BOVESPA is crowded and concentrated, with eight stocks making up more than half of the market cap of the exchange: Petrobras, Vale, Itau Unibanco, Ambev, Bradesco, Banco do Brasil, Santander, and OGX.
The government owned banks are all lowered their lending spreads to corporates and individual accounts, too, with private lenders like Itau Unibanco (ITUB) and Bradesco (BBD) following the lead of federal juggernaut Banco do Brasil.