Markets downbeat on Brazil's new finance minister
SAO PAULO : Brazil’s new finance minister sought to reassure investors on Monday as he took the reins of the recession-hit economy, but the Sao Paulo stock market and the Brazilian real both fell.
In his first full business day on the job, Finance Minister Nelson Barbosa held a teleconference with international investors, promising to practice the same fiscal discipline as his predecessor, Joaquim Levy.
“I want to underline that our economic policy is the same. Our focus remains on fiscal adjustment and reducing inflation,” said the 46-year-old ally of embattled leftist President Dilma Rousseff.
The comments failed to reassure the markets, however the Sao Paulo stock market fell 1.62 percent, and the real currency broke through the barrier of four to the dollar for the first time in two and a half months, falling 1.44 percent.