International News (Issue 449) – May 19th, 2017
I made mention of Wednesday night’s sell-off and the CISCO Systems disappointing profit report earlier.
Though it might seem like the Trump/Comey situation was the pick of the political news-flow this week, arguably the Brazilian political scandal tops that.
On Thursday night, the Brazilian share-market lost -9% and its currency the Real collapsed a further -9% on press reports its new President (Temer) was involved in the cover up of a payment to the currently imprisoned former speaker of Brazil’s lower house.
The news was a huge shock to investment markets and comes only a year after the removal of the previous President Dilma Rouseff under similarly questionable behavior.
Investors fear the new bout of political turmoil will switch the focus away from much-needed economic reforms.
Have a great weekend.
Jono & Guy
Wednesday Closing Values
|U.S. S&P 500||2365||-29||-1.2%|
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