Incumbent Dilma Rousseff faces social democrat Aécio Neves in next round
A hotly contested election took place last weekend in
Brazil. Incumbent Dilma Rousseff and her Worker’s
Party (PT) faced fierce challenges from the Socialist
Party and The Social Democratic Party and her possible defeat
has shaken the market.
As expected, Rousseff received
41.6% of votes, enough to take her to the second round, but an
unexpected turnaround means she will face Aécio Neves,
of the Brazilian Social Democracy Party, instead of socialist
Marina Silva, as polls had predicted.
Brazilian markets had yet to open at the time of writing but
the dollar has in recent weeks shot up to its highest rates
since the end of 2008.
Bovespa, the São Paulo Stock Exchange, dropped nearly
5% at the start of last week, signalling insecurity in the
market. Rousseff has grown into an unpopular president, and
market speculation has been vigorous with every new poll.
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