Economics
Brazil Assets Climb After Bolsonaro Renews Pledge to Fix Economy
- Bolsonaro tells investors what they want to hear after victory
- Willingness to tackle budget issues key for traders’ support
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Jair Bolsonaro said the words investors wanted to hear.
Brazil’s next president pledged to trim the deficit, pay down debt and reduce the size of government after results showed him cruising to victory over Fernando Haddad of the left-wing Workers’ Party. That helped Brazilian assets extend gains Monday. While many securities were off the highs they reached in early trading, the currency strengthened 0.2 percent and the Ibovespa index added 1 percent after reaching an intraday record. State-controlled oil producer Petroleo Brasileiro SA added 1.2 percent, and sovereign bonds climbed.