Brazil stocks fall on Lula's first day, led by Petrobras

Brazilian stocks slumped more than three percent on President Luiz Inacio Lula da Silva’s first business day in office Monday, led by a selloff of shares in state-run oil company Petrobras.

Petrobras was among the biggest losers, with preferential shares falling 6.6 percent and ordinary shares 5.71 percent. Petrobras is especially in the spotlight, after Lula extended federal fuel-tax cuts and vowed to change the company’s pricing policy. Lula’s pick for chief executive at Petrobras, Senator Jean Paul Prates, said Friday he wanted to change the company’s pricing policy, which currently pegs what consumers pay for fuel to global prices.

Trust the capitalist find this angle Democracy when it suits you

May God help him look after the livelihoods of Brazilians, as he mariculously bypass the scandalous-cum-factional markets in the Name of Jesus Christ!

We are not surprised, he is the one who made Brazil join the BRICS. So he is not a puppet and doesn't dance to the tune of the west.

I am not sure how this fraudulent market & stupid speculations has helped anywhere, else US will not have millions of people living in serious poverty. Lula is not there for the markets, he's there to take care of the poorest of the poor, sth capitalism is not interested in.

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Brazil stocks fall on Lula's first day, led by PetrobrasBrazil stocks fall on Lula’s first day, led by Petrobras - A day after the veteran leftist took office for a four-year term, succeeding far-right president Jair Bolsonaro, the Sao Paulo stock exchange's Ibovespa index was down 3.25% in afternoon trading Yes because the capitalists from the USA and London are setting him for failure!! No. He cancelled privatization of public entities and the establishment did not like that very much. With his leftist ideals, rhetoric and corruption, expect more falls in the Brazilian stock exchange and currency!
Source: mailandguardian - 🏆 2. / 92 Read more »