The re-election of Brazilian President Dilma Rousseff collapsed on Monday, October 27 the stock exchange and the real (Brazilian currency),revealing the challenges she faces to unite the country and revive the stagnant economy.
The markets, that preferred the defeated presidential Aécio Neves and have shown “allergy” to Rousseff in recent times, collapsed on the first working day after the elections.
The Sao Paulo Stock Exchange dropped 3.77% and stood at 49,983 points at 13:10 local time (10:10 Ecuador), reducing losses after recording a fall of 6% after the opening minutes.
The Real also fell by 3.21%, traded at 2.53 against the dollar, after falling almost 4% at the beginning of the day.
“It is expected that the market reacts with losses on Monday, the president has to announce this week who will be her Finance Minister,” told to AFP the chief of Gradual Investimentos, André Perfeito.