Aecio Neves, the Brazilian
presidential candidate favored by many investors, was a
forgotten man on the campaign trail the past month.
How forgotten? When his economic adviser, Arminio Fraga,
the ex-central banker who helped save Brazil from default in
1999, held a press conference in Manhattan on Sept. 4 to promote
the candidate’s policies to the international community, only
three reporters showed up. So when Neves scored a second-place finish in the vote yesterday to force a runoff with the incumbent Dilma Rousseff, it was a surprise result that’s likely to boost financial markets after they plunged in recent weeks on expectation of a Rousseff re-election. UBS AG and Allianz Global Investors predict stocks and the currency will post short-term gains on Neves’s move into the second round.
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