Ibovespa Declines as Political Tension Fuels Impeachment Doubts
- Consumer stocks decline most on benchmark equity index
- Gol tumbles as bondholders said to oppose debt restructuring
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The Ibovespa fell for the fifth time in six days as fresh political turmoil fueled concern that a change in government will be harder than anticipated.
Stocks trimmed this year’s rally after Eduardo Cunha, Brazil’s lower house chief and one of the most powerful politicians implicated in the country’s sprawling corruption scandal, was temporarily suspended from working as a legislator. The Ibovespa leads gains among major markets this year on bets that if efforts to impeach President Dilma Rousseff are successful, a new administration will be able to shore up Brazil’s finances and pull the economy out of its worst recession in a century.