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Brazil Selloff Resumes as Temer’s Corruption Defense Falls Flat

Brazilian assets resumed a selloff Monday as investors fled what had been one of the most popular trades in emerging markets.

The real and local stocks were among the world’s worst performers as President Michel Temer’s support deteriorated further over the weekend, days after an audio recording emerged in which he appeared to endorse illegal bribes to a disgraced lawmaker. The losses have been magnified because so many global investors had piled into Brazilian assets on bets that Temer would push through measures to shore up the country’s finances and spark growth.

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