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Brazil votes for continuity, but change is coming

Weekly investor research

27 October 2014

Brazil’s voters return Dilma to power, but it is unlikely that her second term will be anything like the first as the limitations to current policies have been reached. Exit polls suggest a near-optimal election outcome in Ukraine’s parliamentary elections. Uruguay appears to be heading for a second-round run-off on 30 November in an election that is likely to put sensible people in power regardless of who wins. Tunisia takes a big step forward towards institutionalising democracy in the tricky aftermath of a long period of authoritarian rule. Jokowi appoints a technocratic cabinet as his government prepares to maximise its influence despite a weak position in parliament. Argentina tapped markets for almost USD 1bn in a first Dollar-linked bond, while sentiment in Venezuela continues to erode faster than the quality of the credit. China’s demand-side continues to soften gently, while the supply-side of the economy is doing better than expected.

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