Brazil escapes from recession ... barely

• GDP grew at a 0.3% annualized rate in Q3, exiting recession, but at a pace roughly half of that forecast by economists.
• “The worst is behind us in terms of growth, but the situation is still very bad,” says Enestor dos Santos, principal economist at BBVA. “We’re going to see the negative impact of the fiscal adjustment everybody’s celebrating. I view this positively, but in the short term this shock (the administration's pledge to cut the budget deficit) is negative news for growth.”
• EWZ -2% premarket, with PBR -6.4% as the price of oil plummets.