Brazil’s Ibovespa drops 2%, hits worst level in 6 months with commodities and IOF hike

With popularity low, there is a greater possibility that the government will resort to populist measures [increase in the Bolsa Família Program] to get some votes.

RIO DE JANEIRO, BRAZIL - The Ibovespa stock index fell back on Friday, 17, after the federal government decreed the increase in the rate of IOF until the end of this year to enable the extension of the Bolsa Família subsidy.

The measure occurs amid the worst rejection of President Jair Bolsonaro by the Datafolha poll. At noon, the main B3 index fell 2.10% to 111,433 points - the lowest since March. The dollar . . .

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