Brazil’s financial markets have been some of the world’s best performers lately, supported in part by the prospect of centrist policymaking by incoming president Lula. With the presidential election now complete, and Lula set to be inaugurated soon, a natural question is whether those gains might continue. We are sceptical, and expect Brazil’s currency and major equity and bond indices to fall in the near term.
In view of the wider interest, we are also sending this Global Markets Update to clients of our Asset Allocation and FX Market Services.
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