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Brazil ETF Falls After President Jair Bolsonaro Tests Positive for Covid

Published 07/07/2020, 11:35 AM
Updated 07/07/2020, 12:30 PM
© Reuters.

By Christiana Sciaudone

Investing.com --  iShares MSCI Brazil Capped ETF (NYSE:EWZ) fell nearly 2% after President Jair Bolsonaro tested positive for Covid-19. 

Bolsonaro, 65, has dismissed the coronavirus as an insignificant flu and encouraged businesses to stay open even as mayors and governors urge citizens to stay home. Brazil has the second largest number of infections in the world after the U.S., with 1.6 million testing positive and more than 65,000 deaths recorded.

The currency has weakened significantly against the U.S. dollar in 2020, and is at 5.35 reais to $1, after touching a record of 5.89 in May.

 

Latest comments

Greater than 98% chance he survives.
Another populistic narcist down due to his aversion for reality and science. Who's next....
Maybe he should speed his recovery by breathing some of the smoke from his Amazon deforestation activity
Dead man walking
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