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Brazil stocks, real gain in first session after Bolsonaro takes office

  • Brazil's real climbs 2.4% against the U.S. dollar, the Bovespa stock index jumps 3.6% in the first trading session after Jair Bolsonaro takes office as the country's president.
  • Brazil's new economy minister, sworn in on Wednesday, says he'll focus on slashing government pension spending, selling state assets, simplifying a complex tax system.
  • "Our business class is chained down by interest rates, high taxes and labor costs," said the new economy minister, Paulo Guedes, a graduate of the University of Chicago.
  • The ideal tax burden should be about 20% of gross domestic product instead of the current 36% rate, he said.
  • Brazil banks trading in the U.S. advance--Itau Unibanco Holding (ITUB +6.1%), Banco Santander Brasil (BSBR +8.8%), and Banco Bradesco (BBD +7.4%).
  • Related ADRs:Related Stocks: VALE, PBR, CIG, ABEV, GGB, ITUB, OIBR.C, OTCPK:OIBRQ, ERJ, SID, BBD, SGH, GOL, VIV

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Itaú Unibanco Holding S.A.