Brazil Markets Sink, Triggering Circuit Breaker on Fresh Crisis

Brazilian markets plunged in early trading as a fresh political crisis ensnared President Michel Temer and threatened to derail a reform agenda that had helped restore confidence in the embattled South American nation.

Futures of the benchmark Ibovespa gauge plunged 10 percent, and futures of the real hit circuit breaker limits after sinking 6 percent. Bond risk measured by five-year credit default swaps soared more than 60 basis points, the highest since January.

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