Financial Insights That Matter
Brazilian multimarket fund managers took advantage of the deterioration in domestic assets to boost their gains and beat the CDI reference rate again in November.
Bets on a rise in the dollar and interest rates on futures contracts traded on B3 were winners in the month, in which the local market reacted to a new peak of fiscal uncertainty. After frustration with the government’s spending containment plan Luiz Inácio Lula da Silvawhich also brought an exemption from Income Tax for salaries up to R$5,000, the American currency surpassed R$6, a new historic high. Medium-term future interest rates, in turn, shot up 1.5 percentage points, with bets on a more intense tightening cycle by the Central Bank that would take the Selic rate above 15%.
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