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Brazilian markets are on track for their worst week in two years, driven by a disappointing government spending cut plan that heightened budget concerns. The real fell 1.6% on Friday, contributing to a nearly 5% decline this week, making it the weakest performer among developing nations. An ETF tracking Brazilian equities dropped 4.6% in premarket trading in New York, adding to a 3.8% loss from earlier sessions.
European stocks rebounded, led by technology shares, as concerns eased over US semiconductor sales restrictions to China. However, political turmoil in France caused its stocks and bonds to underperform, with yields on French bonds nearing those of Greece for the first time. Meanwhile, the Brazilian real hit a record low amid disappointing government spending cuts, and US equity futures rose slightly ahead of the Thanksgiving holiday.
Arabica coffee futures surged to a 47-year high of 323.05 due to severe droughts in Brazil and Vietnam, raising concerns over global supply. Meanwhile, Brent crude oil prices fell to around 72.00 amid a ceasefire deal in the Middle East, with key support levels identified below. Spot silver prices also declined, facing pressure from broader market trends.
Brazil's Finance Minister Fernando Haddad addressed market concerns following a significant reaction to a proposed reform that would raise income tax exemptions. He assured that the measures would be fiscally neutral and would only take effect in 2026, pending Congressional approval.
Brazil's real has plummeted to an all-time low, trading at 6 per dollar, as the government's $12 billion spending cuts failed to reassure investors amid rising concerns over the budget deficit. The currency's decline surpassed the previous low of 5.97 per dollar recorded during the Covid pandemic, while swap rates surged nearly 40 basis points and the benchmark stock index fell to its lowest level since August.
Brazil's President Luiz Inacio Lula da Silva is planning to propose income tax exemptions for workers earning up to 5,000 reais ($860) while also implementing public spending cuts. This initiative comes as concerns grow among investors regarding the country's fiscal policy.
Reddit is intensifying its focus on international markets, particularly India and Brazil, to drive user growth and advertising revenue. With about half of its users located outside the U.S., the platform aims to enhance its appeal through AI-driven language translations and improved search features to better navigate content. The company sees significant potential in engaging local audiences, especially in rapidly growing markets like India, where topics such as cricket and Bollywood attract a large English-speaking user base.
Brazil's consumer prices increased more than anticipated in mid-November, according to data from the IBGE. This rise has intensified speculation that the central bank may quicken its monetary tightening efforts.
Gérard Wertheimer, co-owner of Chanel, remains Switzerland's richest person in 2024, with a fortune of 37-38 billion francs, despite a decline in the luxury sector. The Hoffmann, Oeri, and Duschmalé family follows with 28-29 billion, while Klaus-Michael Kühne holds third place with 27-28 billion. The Blocher family and Guillaume Pousaz round out the top ten, with fortunes of 15-16 billion and 14-15 billion francs, respectively.
Brazil's government has implemented stricter spending controls, freezing expenditures at 19.3 billion reais ($3.33 billion) to adhere to this year's fiscal regulations. This move reflects the administration's commitment to maintaining fiscal discipline amid economic challenges.
Brazilian Real
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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