While you were sleeping: Wall St rebounds, Brazil slumps

Thu, 18 May 2017

By Margreet Dietz May 19 (BusinessDesk) - Wall Street climbed, recovering some of Wednesday’s losses, while Brazil’s stocks, bonds and currency slumped as concern about the nation's corruption scandal intensified, implicating President Michel Temer. Brazil’s Ibovespa Index plunged 8.5 percent in mid-afternoon trading. “Markets will overreact, but the reality is that Brazil is rooting out the corruption that has plagued it for centuries,”James Gulbrandsen, a Rio de Janeiro-based portfolio manager at NCH Capital who holds Brazilian shar...

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