Brazilian stocks are surging right now after court upholds ex-president Lula’s conviction

CNBC-01Brazilian stocks jumped on Wednesday after an appeals court upheld a corruption conviction for former President Luiz Inacio Lula da Silva.

If Lula is barred from the election, current President Michel Temer likely has an easier path towards re-election. Temer is seen as the more market-friendly option between the two. He has also pushed for reforms to the country’s pension system.

The iShares MSCI Brazil exchange-traded fund (EWZ) spiked 6.2 percent higher on the back of the news. Brazil’s Bovespa index, meanwhile, rose 3.4 percent and hit an all-time high. …




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During the last several decades, the United States has invested billions of dollars in trying to help the governments of Latin America and the Caribbean deliver better lives for their citizens. This has meant helping them increase internal security by combating the illicit growing and trafficking in narcotics and the activities of terrorist groups, as well as helping them to shore up their democratic and free market institutions.

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