Brazil ADRs broadly lower as Supreme Court orders new corruption probes

|By:, SA News Editor

U.S.-traded Brazilian stocks are lower after the country's Supreme Court orders new corruption investigations for eight ministers and dozens more top politicians in a sweeping decision that affects almost one third of Pres. Temer's Cabinet.

In total, 108 people will be investigated following the ruling, which itself was the product of 74 probes involving plea bargain deals and testimony from former and current executives with the Odebrecht construction company.

In early trading: CIG -4.2%, SID -3.8%, VALE -3.5%, GOL -2.7%, GGB -2.2%, BAK -1.2%, BBD -1.2%, ELP -1.1%, CBD -0.9%, PBR -0.7%, BSBR -0.7%, ITUB -0.6%, UGP -0.5%, ERJ -0.4%, TSU -0.4%.

ETFs: EWZ, BRZU, BZQ, UBR, DBBR, FBZ