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Brazilian stocks plunge amid fiscal debacles
President Bolsonaro's push for more government spending amid declining popularity did not bode with well with the market.
By Rony Abboud
0
- Brazil
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President Bolsonaro's push for more government spending amid declining popularity did not bode with well with the market, with Brazil’s benchmark stock index IBOVESPA dropping nearly 5% in Thursday trading, finishing down 2.75% at its lowest close since November.
Economy Minister Paulo Guedes said on late Wednesday that the government may try to exempt 30 billion reais ($5.3 billion) of spending from its fiscal ceiling to increase welfare spending at President Jair Bolsonaro’s request. As division widens over fiscal issues, two most senior Brazilian Treasury officials submitted their resignation on Thursday, citing personal reasons.
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In the ETF space, iShares MSCI Brazil Capped ETF and Franklin FTSE Brazil ETF fell by around 5% on Thursday trading session. In Europe, Lyxor MSCI Brazil UCITS ETF and iShares MSCI Brazil UCITS ETF have been trending lower on Friday, down almost by 2% (12:17 PM, GMT +2) since markets opened.
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