Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: maceng2 who wrote (177202)	7/3/2002 1:26:53 AM
From: maceng2	Read Replies (1) of 436258

Brazil's football victory fails to buoy markets Brazil's world cup victory failed to impress financial markets, with the real slumping to its lowest ever level. The currency opened in London at R2.89 to the dollar. It has fallen by more than 10 per cent since Brazil's football team began its world cup campaign at the beginning of June. Bond prices too fell, with the yield spread over US Treasuries rising to 1,599 basis points, the third highest level of risk premium in the world. The Bovespa stock market index was also lower, down 2.2 per cent after a rise of 7 per cent last week. Political uncertainty ahead of October's general elections is the main reason affecting confidence. There are worries in particular that the left-wing Workers' Party and its presidential candidate Luiz Inacio Lula da Silva will be less skilled than the current government at managing a growing debt burden. Net public debt was expected to reach 58 per cent of GDP at the end of June. About 80 per cent is linked either to local interest rates or the currency. news.ft.com

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