Wednesday, October 1, 2014

Brazil Market Rout Deepens as Rousseff Surges in Polls

Brazilian stocks plunged for a third day, pushing the benchmark gauge down 7.6 percent this week, and the real sank to a five-year low as investors abandoned wagers that elections will bring a new government into office capable of turning around the slumping economy. Petroleo Brasileiro SA, the state-controlled oil company, and government-run utility Centrais Eletricas Brasileiras SA both tumbled to 17-week lows. The real lost 1.4 percent to the weakest since December 2008 as HSBC Holdings Plc predicted the currency may extend losses by year-end if there’s no policy change after the vote. The first round is scheduled for Oct. 5.

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