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U.S. Hedge Funds Took Profits Out Of Brazil In The First Quarter

by bloomberg.com posted 1year ago 328 views
U.S. hedge funds reduced equity holdings tied to Brazil by about a net total of $800 million from the start of the year to end of March, according to data compiled by Bloomberg. The profit taking came after a 69 percent surge in Brazil’s benchmark stock index last year. The pullback from Brazil seemed well timed Thursday, as the Ibovespa gauge plunged 16 percent in dollar terms amid a rout in the country’s assets as a political crisis enveloped President Michel Temer and threatened to derail his push to shore up government finances. Oil producer Petroleo Brasileiro SA and lender Banco do...

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