Negative news flows from Europe may impact investor’s confidence in the short-term. It would be too optimist to think that Brazil is completely immune to a change in investors flows.  Nonetheless, the Brazilian Central Bank has recently lifted part of the liquidity relief measures. These measures were adopted to help small banks after the credit crisis. This could be interpreted as a sign of confidence in the fundamentals of the Brazilian economy. At the same time, market forecasts Brazilian companies earnings to grow around 20% in 2010 and 2011.