President Dilma Rousseff of Brazil plans to build 11,000 kilometers (6,835 miles) of rail and grant wider access to existing privately operated lines to cut shipping costs by as much as 30 percent in the country. The auction of a concession to build and manage the first of a dozen railways costing a total $42bn will take place as early as October.

Manufacturing expanded in July at the fastest pace in more than two years, sparked by surges in orders and production that signal companies are growing more optimistic about the U.S. economy's prospects.

Increasing annual infrastructure spending in the U.S. by $157bn over the next eight years would save $3.1tr in gross domestic product, $1.1tr in trade and 3.5 million jobs, according to a report from the American Society of Civil Engineers.

Manufacturing picked up in December, reflecting growth in orders, employment and exports that indicate the U.S. expansion will be sustained in 2013 following the budget deal.