Sergio Moro, Brazil's justice and security minister resigned on Friday after clashing with President Jair Bolsonaro over the sacking of the federal police chief. Moro, a former anti-corruption judge, hit out at “political interference” in the federal police, saying he could not do his job without “autonomy” for the force.
Brazilian stocks plunged on Wednesday on fears about the economic impact of the coronavirus pandemic, leading the Sao Paulo stock exchange to suspend trading for the second time this week.
As Brazil continues to benefit from the return of growth and curbed interest rates and inflation, the São Paulo Stock Exchange has seen an unprecedented growth curve. In addition to achieving historical highs, the Brazilian stock market beat the performance of some of the largest stock exchanges in the planet. This means more people betting on Brazilian companies and the future of the country, according to a report from the Brazilian-American chamber of Commerce.
The Sao Paulo stock exchange soared 4.7% on Monday with the Bovespa index reaching 57.115 points following Sunday's presidential election when no candidate managed 50% of ballots, opening the way for a runoff between pro-business Aecio Neves and president Dilma Rousseff.
Brazil’s main stock exchange Bovespa is implementing changes to its benchmark Ibovespa stock index, the first since 1968, in an effort to correct recent distortions and better reflect the performance of local shares.