The Bovespa has its tail in the air to the tune of 2.6% after another dip in support for President Dilma Rousseff to 34% from 37%.
Opposition candidates, however, also saw their support drop, bringing the number of voters without a preferred candidate to its highest pre-election percentage in 25 years. Still, the opposition combined is now polling higher than the president
With the Nasdaq and Russell 2000 each off 2% and the S&P 500 down 0.6%, what's working today? Emerging markets (EEM +0.7%), particularly Latin America (ILF +2.2%), particularly Brazil, where the weight of a year-long rate hike cycle looks to be coming to a close just as monetary tightening gets underway in the States.
Up 2.6% today, the iShares MSCI Brazil Index (EWZ) is ahead more than 20% since the start of February.
Brazil's Bovespa continues to drop, -0.8% today as VALE, already stung by diving earnings, has its $5.9B potash project in Argentina threatened by Kirchner's shenanigans. Brazil's banks are also booking losses as the country enters the "not fun" part of a consumer credit boom. On the plus side, the central bank is aggressively cutting rates. The divergence between Brazil and the S&P.
$EWZ $BBD $ITUB Are u hiding in Brazil? Trade still working
Apr 11, 11:15 AM
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BBD vs. ETF Alternatives
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