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Brazil assets draw dip buyers as Wall Street splits after selloff

NewsFeeds update

President Lula's re-election caught investors off guard and the real fell about 8% against the dollar, its biggest one-day drop in more than 20 years. Citigroup closed bullish positions, Morgan Stanley cut its Brazil equity rating and JPMorgan reduced its real and local-rate allocation, while Wells Fargo called the reaction overdone and GQG Partners prepared to buy.

MacroOdailyAINeutral

Read the original on Odaily

The story so far: Brazil markets fall after Lula election win

After Lula won Brazil's presidential election, JPMorgan downgraded the Brazilian real and government bonds and cut its rating on Brazilian international bonds. Brazilian stock index futures then fell 15% to limit down. The real dropped about 8% against the dollar, with Citi, Morgan Stanley and JPMorgan cutting…

  1. JPMorgan cuts Brazil ratings after Lula wins election

    After Lula won Brazil's election, JPMorgan downgraded the Brazilian real and government bonds to neutral from overweight, and cut its rating on Brazilian international bonds to underweight from neutral.

    MacroOdailyAINeutral

  2. Brazil index futures drop 15% to limit down as Lula wins election

    Brazilian stock index futures fell 15% and hit limit down, according to MSX.COM data, after President Lula won the presidential election.

    MacroOdailyAINeutral

  3. Brazil assets draw dip buyers as Wall Street splits after selloff

    President Lula's re-election caught investors off guard and the real fell about 8% against the dollar, its biggest one-day drop in more than 20 years. Citigroup closed bullish positions, Morgan Stanley cut its Brazil equity rating and JPMorgan reduced its real and local-rate allocation, while Wells Fargo called the reaction overdone and GQG Partners prepared to buy.

    MacroOdailyAINeutral

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Every update is a short rewrite, by AI in our own words, of a flash from the outlet named on it, credited and linked. Updates are joined into one story by AI; our editors can change a story’s name or take an update out. Not investment advice.