Brazil’s leftist President Luiz Inacio Lula da Silva took office on Monday and the markets responded with an instant rout, sending shares of state-run Petrobras tumbling further just days after a CEO announced plans that sparked an investor run for the exit. On Monday, Lula promised high-level social spending, including an extension of the fuel tax exemption–both moves Reuters says will cost Brazil’s treasury some $9.
9 billion a year in lost income. Brazilian markets responded with the Sao Paulo stock market index shedding 3.24%,…Petrobras Shares Tumble In Brazil Market Rout As Lula Returns
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