How Will Brazil’s Market React To Ex-President Lula’s “Freedom”
Luiz Inacio Lula da Silva, Brazil's formerly incarcerated president, greets a crowd of monstly auto ... [+] worker union members on Friday in Sao Bernardo do Campo, Brazil. His supporters believe the Petrobras criminal investigation is a political witch hunt. (Photo by Pedro Vilela/Getty Images)Getty Images
It’s been a nail biter for months, but the answer came on Friday from a Workers’ Party (PT) picked, and packed, Supreme Court. They voted 6 to 5 to change a ruling about prison terms that freed ex-president and PT founder Luiz Inacio Lula da Silva after roughly two years in jail on corruption charges.
The market for Brazil equities fell as much as 3.5% on the news, but recovered and closed at 3.39% instead. Brazil was the worst performing emerging market thanks to that Supreme Court r ...