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Financial Markets in Brazil React to Change in Economic Team

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The change of finance ministers in Brazil on Friday afternoon did not please the markets. The São Paulo stock market closed down on Monday registering the lowest volume of trade in six years. The foreign exchange market also reacted poorly to the substitution with the U.S. dollar closing the day at R$4.023, the highest value in almost three months.

On Friday, Brazilian President Dilma Rousseff announced she was replacing Finance Minister Joaquim Levy and nominating Nelson Barbosa, until last week the country’s Planning Minister, the . . .

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