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Markets Do the Samba as Brazil Comes Under Attack

Robert Burgess
Markets Do the Samba as Brazil Comes Under Attack

Brazil is no Turkey. Brazil's benchmark Ibovespa stock index fell as much as 6.51 percent, its currency weakened as much as 3 percent and the nation’s five-year bond yields topped 11.5 percent as concerns over the potential election of an anti-reformist presidential candidate and the fallout from a 10-day truckers’ strike rattled investors. Many credited the jaw-dropping moves with pulling down U.S. stocks and sparking a rally in haven assets such as Treasuries.