Eletrobras -10% as privatization hopes fade

• Eletrobras (EBR -10.1%) plunges ~10% after the head of Brazil's lower house of Congress said it would not vote on a presidential decree outlining rules for the sale of state-controlled power companies, instead asking Pres. Temer to send a draft bill.
• The decision likely ends the planned privatization of the state-run power company and some of its subsidiaries for this year.
• With Brazil's general election scheduled for October, the Congress likely will not have enough time to evaluate and vote on a new draft bill.
• Shares of Petrobras (PBR -3.1%) also are sharply lower.
• ETFs: EWZ, BRZU, BZQ, UBR, DBBR, FBZ