Bearish bets on Brazil’s biggest exchange-traded fund rose in the run-up to the lower house’s April 17 vote to impeach President Dilma Rousseff. The fund had surged this year on bets that government change would stem the country’s economic malaise, then dropped Monday even after the ballot came out in favor of approving her ouster. The surge in short interest before the vote was an indication that traders see the impeachment as a complicated process, said James Gulbrandsen, the chief investment officer for Latin America at NCH Capital in Rio de Janeiro.
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