(Bloomberg) -- The biggest rally in two years for Brazil’s Ibovespa benchmark signals to long-time bear Michael Shaoul from Marketfield Asset Management LLC that stocks might have bottomed out.

State-run Petroleo Brasileiro SA, the world’s biggest crude producer in ultra-deep waters, has gained 26% since reaching a nine-year low on March 17, and the Ibovespa rebounded 12% since March 14, when its members traded at the cheapest valuations in two years. U.S. ETFs that invest in Brazil had their second week of net inflows last week, the longest positive streak since August, according to data compiled by Bloomberg.

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