This week marked Brazil’s president Lula's first 100 days in office and, while there’s been a bit more enthusiasm from investors for Brazilian assets in the past week, the big picture is that it’s been a step backwards in terms of economic policymaking. Elsewhere, timely trade data from Chile and Brazil showed that both countries posted large trade surpluses in March which, in Chile's case, should help to reduce what have been large external risks.
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