Brazil distributors scramble for diesel amid Petrobras shakeup reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Brazilian financial markets went into a tailspin on Monday, as investors dumped the country's currency and stocks, while pushing up interest rates, after President Jair Bolsonaro moved late on Friday to sack the head of state-run oil firm Petrobras following weeks of clashes.
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BRASILIA, Feb 22 (Reuters) - Brazilian financial markets went into a tailspin on Monday, as investors dumped the country’s currency and stocks, while pushing up interest rates, after President Jair Bolsonaro moved late on Friday to sack the head of state-run oil firm Petrobras after weeks of clashes over fuel price hikes.
The right-wing populist’s intervention in one of Brazil’s most valuable companies, along with a vow to reduce prices in the power sector too, cast growing concern on the government’s commitment to free markets.
Several brokerages downgraded Petroleo Brasileiro SA, as Petrobras is formally known, and Bank of America cut Brazilian stocks to ‘marketweight’ in its Latin American portfolio, excluding Petrobras and state power company Eletrobras entirely.
Brazil s Bolsonaro says recent comments by Petrobras CEO will have consequences netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.