HONG KONG: Anthony del Rosario, who crews an oil tanker plying the route between the Middle East and South Korea, is sending home less money to his family in the Philippines. Takeshi Okada, a shoe manufacturer in Japan, is concerned about the possibility of declining export sales. And Brenton Fry, who heads the import-export operation of an old Australian winemaker, Yalumba, is fighting to hold down retail prices for wine sold in the United States by cutting profit margins. All three have...

China and India may be the first countries that come to mind when speaking of emerging markets. But another important nation is Brazil, where the Bovespa stock index is near record highs.

Several Brazilian banks’ shares are also on the rise, including Banco Itau Holding Financeira. ()

The Sao Paulo-based firm is one of the largest banks in Brazil, serving consumers and businesses. It also has branches in the Cayman Islands, in New York and across Europe.

Its profit rose 56% in 2003, but growth has slowed since then. Its earnings grew 29% last year. Still, analysts see a rebound to 45% this year.

Its quarterly earnings picture has improved. Last month, the bank delivered a 53% jump in third-quarter results. That was its best performance in nine quarters and the third straight period of accelerating growth. Its after-tax margin rose for the third straight quarter, to 22.1%.

The bank suffered trading losses for Q3 due to market volatility. But its loan portfolio expanded 26.9% in the quarter, led by a 62% jump in auto loans and a 26% rise in credit to small and midsize firms.

Banco Itau’s nonperforming loans ratio fell to 4.7% from 5.1% in the second quarter.

Indexes faltered to a mixed close Wednesday as slipping crude oil prices and a possibly final interest-rate cut failed to buttress buyers. The NYSE composite closed 0.2% higher, based on early figures, led by energy stocks. But the Nasdaq notched a 0.6% loss. The S&P 500 slipped 0.4% while the Dow ended down a fraction. Preliminary figures showed volume rose across the board, marking the Nasdaq’s second distribution day in recent weeks. It was also a distribution day for the...