Brazilian President-elect Luiz Inacio Lula da Silva’s brief honeymoon with financial markets looked finished on Thursday, as investors grew impatient with his desire to boost social spending without establishing long-term fiscal rules or naming his top economic policymakers. Brazil’s currency and benchmark Bovespa stock index, which jumped last week as fears of political volatility subsided after Lula’s election victory, plunged around 4% on Thursday on comments by Lula and details of his transition team.
About the Author
