Positive musings about the exchange traded funds tracking Brazil, Latin America's largest economy, are unlikely to appear here. Perhaps that will change in the future, but it is also highly likely that the future is measured in months or years rather than days or weeks.
This is how bad things have gotten for the likes of the iShares MSCI Brazil Capped ETF (NYSE: EWZ) and how desperate investors have become when it comes to searching for any tiny bit of good news pertaining to Brazil's imperiled economy and equity markets: On Tuesday, Moody's Investor's Service downgraded Brazil's sovereign credit rating to Baa3, the ratings agency's lowest investment.
Alas, this is supposed to be interpreted as good news because Moody's did not assign a negative outlook to Brazilian debt, which diminishes the chances of the ratings agency imminently assigning Brazil a junk rating. Some outlets even portrayed the stable outlook from Moody's as a “silver lining.”
Markets Selling Off
As far as the Brazil ETFs ...
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