Traders couldn’t be happier with the latest casualty in Brazil’s largest-ever corruption probe — former President Luiz Inacio Lula da Silva.
That’s because the chances for the populist leader to stage a comeback in next year’s presidential race are drastically reduced after the lead judge in the so-called Carwash investigation sentenced him to nine and a half years in prison. Investors expected Lula to oppose reforms put forward by market-friendly President Michel Temer, such as the pension overhaul.
Brazil Energy Insight 
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