Brazilian financial markets fell in highly volatile trading on Thursday as inves...
BRASILIA - Brazilian financial markets fell in highly volatile trading on Thursday as investors feared former President Michel Temer’s arrest on graft charges could slow proposed pension reform seen as critical to injecting life into a tepid economic recovery.
At one point on Thursday, the Bovespa stock market lost as much as 3.7 percent for the week, which would mark its worst week since August. “Investors were already primed to sell Brazil and the uncertainty fueled by arrest accelerated the move,” said one trader at a Sao Paulo brokerage. Temer’s shock arrest came a day after the government unveiled a drastically watered down austerity plan for military pensions and pay, and a poll showed President Jair Bolsonaro’s popularity has plummeted.
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