Brazil Economy Smokin', Says Morgan Stanley (NYSE:MS)

Morgan Stanley's (NYSE:MS) chief economist in Sao Paulo, Marcelo Carvalho, said the Brazilian economy is growing at a quicker pace than originally anticipated, and has changed the rate from 6.8 percent to a heftier 7.9 percent.

Now that China has started to cool off their economy, especially their urban property markets, the two countries will probably continue to grow at very similar rates, which in the case of China should be more sustainable and healthy for them.

Carvalho said, the Brazil "economy is booming."

For Brazil, this is probably a sign that some commodities are increasing in demand, although that wasn't specifically pointed out.