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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
BRAZIL
Brazilian assets are outperforming regional peers on Monday after front-runner Luiz Inacio Lula da Silva received the formal support from former Finance Minister Henrique Meirelles, observed by many as an investor-friendly development.
- Despite some early weakness, the Brazilian real leads gains, with USDBRL holding noted support around 5.30 and reversing all the way to 5.1845 (-1.25%) as of writing.
- Additionally, DI swap rates have fallen across the curve, with contracts in the belly falling as much as 18 basis points.
- Bloomberg have quoted the chief investment officer at Greenbay Investimentos Ltda. in Sao Paulo as saying “the proximity between Lula and Meirelles is helping fuel expectations of a more pragmatic Lula should he be elected next month”.
- Naturally, this may equally provide opportunity for disappointment should either the election result be closer than currently expected or if Lula were to choose an alternative candidate. The MSCI Brazil Index was up 2.7% earlier, compared to a 0.7% drop for the MSCI Emerging Markets Index.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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