Brazilian President-elect Luiz Inacio Lula da Silva’s brief honeymoon with financial markets looked finished on Thursday, as he pushed for more room to grow social spending without setting long-term fiscal rules or naming his top economic policymakers. Brazil’s currency and benchmark Bovespa stock index, which rose 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.
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