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Brazilian stocks tumble as arrest of former president Temer adds to uncertainty around pension reform

Fred Imbert

The ETF that tracks Brazilian stocks was headed for its worst day in nearly two years. Ex-president Michel Temer was arrested on Thursday, with prosecutors alleging he was the head of a "criminal organization" that took more than $470 million in bribes or kickbacks. It comes as current President Jair Bolsonaro tries to push forward major changes to the country's pension system, which investors largely bet will happen.