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RIO DE JANEIRO, BRAZIL - If, on the one hand, some countries in Europe and Asia and some American states are starting to reopen their businesses amid the impacts of the novel coronavirus pandemic, Brazil still seems to be one step behind, with cities beginning to adopt lockdown in recent days.

As Bradesco analysts point out in a report, the relaxation of isolation measures in China and Europe has been conditioned upon a reduction in the number of new cases and deaths.

"In these regions, the worst seems to have passed, although a new spread of the virus is not ruled . . .

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