Brazil traders see Finance Minister Joaquim Levy’s admission that the government won’t meet its fiscal goals as a bad omen.
The real touched a 12-year low, while the Ibovespa led declines among major equity benchmarks after the government asked lawmakers to approve a reduction in its target for the budget surplus before interest payments. The move sparked speculation that the nation will lose its investment-grade status amid forecasts for the worst recession in a quarter century.
Brazil Energy Insight 
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