Wednesday, November 19, 2014

Fw: EWZ: Nomura: Brazilian economy unraveling

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From: SA Breaking News Team <account@seekingalpha.com>
Sender: account@seekingalpha.com
Date: Wed, 19 Nov 2014 15:10:28 -0500
To: <mainandwall@hotmail.com>
Subject: EWZ: Nomura: Brazilian economy unraveling

Nomura: Brazilian economy unraveling • 3:09 PM

Stephen Alpher, SA News Editor
  • “The Brazilian economy is in a perilous state," says Nomura's Tony Volpon after a recent visit. Among the red flags: A weakening labor market, inflation above target, a primary government budget deficit, a trade deficit, and a corruption scandal engulfing the country's largest corporation, Petrobas. "One could conclude that the Brazilian economy is unraveling."
  • Maybe more important than the political consequences of the Petrobas investigation are the economic ones, says Volpon, noting the probe is spreading to companies in the electricity and financial sector which do business with the giant. While the scandal is good for clearing out the pipes in the medium-term, in the short-term, there's the chance of "a negative supply-side exogenous shock of unknown proportions."
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