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Local Assets Under Pressure On Lula Picks

  • Yesterday’s price action saw local asset prices come under significant pressure as President-Elect Lula announced further plans for his cabinet. Wires highlighted his choice of Workers’ Party Aloizio Mercadante to potentially run the country’s development bank, BNDES, as fuelling the selloff that saw yields in the belly of the DI curve jump around 30 basis points.
  • Additionally, Lula was certified Monday by the Electoral Court as the winner of the presidential election. While this reduces the odds of the results being questioned legally, it is worth noting supporters of President Bolsonaro then clashed with police in Brazil’s capital.
  • Brazil’s next Finance minister, Fernando Haddad, meets Central Bank chief Roberto Campos Neto and Economy Ministry team in Brasilia, during the day with a press conference scheduled for 6:30pm local time.

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