Brazil’s stock markets fell on Thursday after the country’s president-elect, Luiz Inácio Lula da Silva, doubled down on his plans to increase spending, ignoring investor concerns about the importance of fiscal discipline.
Brazil’s currency, the real, fell more than a percentage point to open the day, leading emerging market peers lower, after Lula da Silva declared on the sidelines of the COP27 climate conference that his government should start the debate about “social responsibility instead of fiscal responsibility”.
His team’s proposal is. . .
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