- A release of taped phone calls between President Rousseff and former President Lula more or less confirms what we already knew - that Lula was given a spot in her government to help shield him from prosecution.
- People took to the streets overnight in protest, and opposition parties renewed their calls for Rousseff's resignation.
- Maybe more important to the country - the commodity sector is lit up bright green one day after the Fed pulled back its expectations for rate hikes this year from four to two.
- The Bovespa is higher by 4%, EWZ +5.9%
- Banco Bradesco (BBD +9.8%), Santander Brasil (BSBR +6.2%), Itau Unibanco (ITUB +9.5%), Gol Linhas (GOL +9.6%)
- ETFs: EWZ, BRF, BRZU, EWZS, BRAQ, BZQ, BRAZ, BRAF, UBR, DBBR, FBZ
- Previously: Brazil slides further on Lula, rumor of central bank chief exit (March 16)