Wall Street Cheers as Brazil Judge Cripples Lula’s Comeback

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.

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