Brazilian financial markets rose on Wednesday even as criticism of President Luiz Inacio Lula da Silva's economic policies grew, with analysts and a leading newspaper slamming ministers after markets tanked in the leftist's first two days in office.
Brazil's former President and presidential candidate Luiz Inacio Lula da Silva and Sao Paulo Governor candidate Fernando Haddad react at an election night gathering on the day of the Brazilian presidential election run-off, in Sao Paulo, Brazil, October 30, 2022. REUTERS/Mariana Greif/File PhotoLuiz Inacio Lula da Silva's economic policies grew, with analysts and a leading newspaper slamming ministers after markets tanked in the leftist's first two days in office.
Some of Lula's aides have drawn harsh criticism. Financial Minister Fernando Haddad was dubbed a "decorative minister" on Wednesday by his hometown newspaper O Estado de S. Paulo. Analysts at Citi said that despite Lula and Haddad's first speeches in office being consistent with their baseline scenario, both sounded less pragmatic and fiscally responsible than initially thought.
Labor Minister Luiz Marinho, a critic of a 2017 labor reform approved under former President Michel Temer, said the new administration would prioritize regulating working relations established through cell phone apps and digital platforms.
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