Markets Do the Samba as Brazil Comes Under Attack

Brazil is no Turkey. Brazil's benchmark Ibovespa stock index fell as much as 6.51 percent, its currency weakened as much as 3 percent and the nation’s five-year bond yields topped 11.5 percent as concerns over the potential election of an anti-reformist presidential candidate and the fallout from a 10-day truckers’ strike rattled investors. Many credited the jaw-dropping moves with pulling down U.S. stocks and sparking a rally in haven assets such as Treasuries.