Markets in Brazil React Favorably to Lula Conviction

The U.S. dollar plummeted against the Brazilian real in the foreign exchange market and the São Paulo Stock Exchange skyrocketed after the announcement.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The announcement of a nine and a half year jail term for former president, Luiz Inácio Lula da Silva stirred financial markets on Wednesday, with the U.S. dollar plummeting against the Brazilian real in the foreign exchange market and the São Paulo Stock Exchange skyrocketing.

The financial markets started to react minutes after the announcement that federal judge Sergio Moro had sentenced the former president to almost ten years in jail for passive corruption and money-laundering. Former President Lula was found the guilty of accepting US . . .

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