Brazil Shares Jump on Bet Soccer Loss to Hurt Rousseff Election
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The worst defeat in Brazil’s soccer history is giving a boost to the country’s stocks.
The iShares MSCI Brazil Capped ETF gained 1.5 percent in New York, the biggest advance in three weeks, on speculation yesterday’s World Cup loss dims the prospects for President Dilma Rousseff to win re-election in October. The increase outpaced a 0.6 percent advance for the emerging-markets ETF. American depositary receipts of Petroleo Brasileiro SA added 3.5 percent while state-run Banco do Brasil SA climbed 1.3 percent. Markets in Sao Paulo were closed for a holiday.