Brazil's Currency, Stocks Rise After First Round of Voting
Dow Jones
Oct 05
1044 ET - The Brazilian real strengthens 4.5% against the dollar and the Ibovespa stock index rises 9% after Sunday's right-wing surprise in the first round of general elections. Conservative Flavio Bolsonaro pulls ahead of leftist incumbent Lula da Silva and both are heading for a runoff on October 25, with the son of former president Jair Bolsonaro carrying momentum. A slew of conservative candidates wins seats across Congress and state governorships. The results fuel hopes among investors of fiscal austerity to rein in widening fiscal deficits, which could make it easier for the central bank to lower interest rates.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.