June 6, 2014, 10:34 A.M. ET
A new opinion poll released today shows support for Brazilian President Dilma Rousseff fell again this month. Bloomberg reports:
Rousseff’s support fell to 34 percent this month from 37 percent in May, according to a Datafolha poll published today on Folha de Sao Paulo’s website. Senator Aecio Neves of the Social Democracy Party had 19 percent, down from 20 percent, while Eduardo Campos of the Socialist Party fell to 7 percent from 11 percent. The number of voters without a preferred candidate rose to the highest in any election in 25 years.
Brazilian voters can’t be blamed for being dissatisfied. Brazil is essentially in an stagflation but President Rousseff said she could not explain why Brazil was growing so slowly.
The Bovespa Index advanced 2.5% at 10.20AM.
Emerging markets high-yield currencies all rose after the landmark rate cut by the European Central Bank yesterday. The real gained 0.9% against the dollar trading at 2.246 this morning. Other high-yield currencies, such as the South African rand and the Turkish lira, also rallied.
The iShares MSCI Brazil Capped ETF gained 3.2%. State-owned Petrobras (PBR) jumped 5.5% and Electrobras (EBR) rose 5.1%. Itau Unibanco (ITUB) gained 3.7%. Banco Santander (BSBR) was up 2.1%.