Find one recent article (2020) on Brazil and explain how it is related to the risk factors presented in the first article from 2018. (PASTE HYPERLINK PLEASE)

Market Update How the Brazil Election Impacts Investment Markets Morningstar Direct is built to support the workflows of fand selectors. Brazil's stock market and currency have rallied the victory of Jair Bolsonaro in the country's Presidential election over the weekend Start a free trial David Brenchley 1 November, 2018 8:27AM DANA MORNINGSTAR Pelour Articles Most Popular Recent Articles Latin American Stocks Hit by Emerging Market Turmoil Despite the fall in prices, Morningstar analysts believe that LatAm stocks are not especially ... TIN Global Equities Resilient Despite Trade War Fears Markets have generally remained robust in the second quarter, despite increasing Interest rate... Brazil's stock market is in a "honeymoon period following the victory of Jair Bolsonaro in the country's Presidential election run-off on Sunday, according to experts. But how long this will continue is uncertain. Investing Goals: Brazil WORLD CUP 2018 INVESTMENT SERIES: in the fifth of our eight-part series, we feature our Group ... While liberal voters worry about the social impact of the divisive far-right candidate securing power, he is widely seen as market-friendly, giving risk assets a boost. After a month-long losing streak, during which the Brazilian currency fell 13.5% from a five-year high, the real has seen a modest rebound since the weekend. The Ibovespa, the Sao Paolo stock market, is also up since the election. Since boltoming out in June to less than 70,000, it's now up almost a quarter to R6,815. What is the Right Weighting to US Stocks? Morningstar Investment Management's Emma Morgan says that US equity prices are not yet attractive... Bond markets, meanwhile, had been selling off for the best part of the last two years, hitting a yield of 12.4% in September. That number is now 10%, meaning band values have recovered somewhat. Global Market Report - February 6 European markets were under pressure today with more bad news from German industry, while the US... Bolsonaro ran on an economic reform agenda, which inctudes cutting and simplifying taxes, privatising state-owned enterprises and reforming the pension system. Bolsonaro's credentials in this space are "mixed at best", according to Verena Wachnitz, portfollo manager of the T. Rowe Price Latin American Equity fund. ...Search the Article Archive But he does have a strong team on which to draw upon, including the Chicago- educated economist Paulo Guedes, who will head his economic team. "Bolsonaro seems happy to let this liberal economist, run the economic agenda," says Wachnitz. Securities Mentioned in Article Guedes' pensions reforms, in particular, have the potential to be a game changer for Brazil's long-term debt sustainability, says Delphine Arrighi, manager of the Merian Emerging Market Debt fund. Security Name Price Change (%) Morningstar Rating Legg Mason MC G Em Mits X USD Acc 95.41 USD 1.68 Wachnitz notes that much of the heavy lifting regarding reforms has already been taken care of by the outgong administration of Michel Temer, 20.78 EUR 1.37 *** Merian Emerging Market Debt A EUR ACC T. Rowe Price Latin American Eq I USD Templeton Emerging Mkts Invmt Tr TEMIT 9.62 USD 2.08 In fact, she adds, while full implementation of his reforms would be bullish, that's not necessary for markets to continue their recovery. "Maintaining the spending cap, while delivering a slightly-diluted pension reform, are achievable outcomes and would go a long way in lifting business confidence and solidifying the ongoing economic recovery: ttt * 763.43 GBX -0.33 **** Still, there are some key milestones ahead that need to be completed. The first that the market will now be focusing on, says Arrighi, is his ability to form a coalition for reform, against a backdrop of a "notoriously fragmented congress". About Author Reform Won't Be Easy Kim Catechis, manager of the Martin Currie Global Emerging Markets fund, thinks there will be strong opposition to the reform plans. David Brenchley is a Reporter for Morningstar.co.uk Follow @davidbrenchley "In an already polarised country, unions will challenge reforms and privatisation, while any anti-corruption drive will result in a period of policy stagnation, as bureaucrats will hesitate to sign off in case they end up in jail. The capital markets do not have the patience for this to come through," he says. On the equities side, Wachnitz sees scope for earnings growth amidst any improvements in economic growth, allied to low inflation and low interest rates, "This is especially true for domestically-exposed firms in the financials and consumer sectors. Valuations are still attractive versus long-term historical averages, on still cyclically-low earnings." Chetan Sehgal, manager of Templeton Emerging Markets Investment Trust (TEM), agrees that Brazil has plenty of upside, but next year will be key - "it's all about implementation," he says. On the bond side, despite recent upward moves Arrighi does not think reforms are have been priced in fully. She says: "We continue to see value in the curve, given the lack of inflationary pressures and potential for significant fiscal turnaround. "The external environment may remain challenging for emerging markets as a whole but, given the scarcity of improving macro stories at the moment, Brazil could continue to stand out." But it's not all positive. Fidelity's Paul Greer has some worries and says he's bearish on the fundamentals in the country over the medium term. "We remain concerned about the trajectory of Brazil's fiscal balances. We don't believe in the likelihood of meaningful fiscal reform, especially pension, social security and tax reform, which is ultimately what Brazil needs to help keep further ratings downgrades at bay from the credit agencies in 2019. "We feel the controversy and divisiveness of Bolsonaro's political agenda, along with his high rejection rates, will prevent him from passing the necessary bills in congress. "We expect Brazil to maintain its sub potential growth, and for inflation to push higher in 2019, which will prompt the central bank to hike rates." The Information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision. Market Update How the Brazil Election Impacts Investment Markets Morningstar Direct is built to support the workflows of fand selectors. Brazil's stock market and currency have rallied the victory of Jair Bolsonaro in the country's Presidential election over the weekend Start a free trial David Brenchley 1 November, 2018 8:27AM DANA MORNINGSTAR Pelour Articles Most Popular Recent Articles Latin American Stocks Hit by Emerging Market Turmoil Despite the fall in prices, Morningstar analysts believe that LatAm stocks are not especially ... TIN Global Equities Resilient Despite Trade War Fears Markets have generally remained robust in the second quarter, despite increasing Interest rate... Brazil's stock market is in a "honeymoon period following the victory of Jair Bolsonaro in the country's Presidential election run-off on Sunday, according to experts. But how long this will continue is uncertain. Investing Goals: Brazil WORLD CUP 2018 INVESTMENT SERIES: in the fifth of our eight-part series, we feature our Group ... While liberal voters worry about the social impact of the divisive far-right candidate securing power, he is widely seen as market-friendly, giving risk assets a boost. After a month-long losing streak, during which the Brazilian currency fell 13.5% from a five-year high, the real has seen a modest rebound since the weekend. The Ibovespa, the Sao Paolo stock market, is also up since the election. Since boltoming out in June to less than 70,000, it's now up almost a quarter to R6,815. What is the Right Weighting to US Stocks? Morningstar Investment Management's Emma Morgan says that US equity prices are not yet attractive... Bond markets, meanwhile, had been selling off for the best part of the last two years, hitting a yield of 12.4% in September. That number is now 10%, meaning band values have recovered somewhat. Global Market Report - February 6 European markets were under pressure today with more bad news from German industry, while the US... Bolsonaro ran on an economic reform agenda, which inctudes cutting and simplifying taxes, privatising state-owned enterprises and reforming the pension system. Bolsonaro's credentials in this space are "mixed at best", according to Verena Wachnitz, portfollo manager of the T. Rowe Price Latin American Equity fund. ...Search the Article Archive But he does have a strong team on which to draw upon, including the Chicago- educated economist Paulo Guedes, who will head his economic team. "Bolsonaro seems happy to let this liberal economist, run the economic agenda," says Wachnitz. Securities Mentioned in Article Guedes' pensions reforms, in particular, have the potential to be a game changer for Brazil's long-term debt sustainability, says Delphine Arrighi, manager of the Merian Emerging Market Debt fund. Security Name Price Change (%) Morningstar Rating Legg Mason MC G Em Mits X USD Acc 95.41 USD 1.68 Wachnitz notes that much of the heavy lifting regarding reforms has already been taken care of by the outgong administration of Michel Temer, 20.78 EUR 1.37 *** Merian Emerging Market Debt A EUR ACC T. Rowe Price Latin American Eq I USD Templeton Emerging Mkts Invmt Tr TEMIT 9.62 USD 2.08 In fact, she adds, while full implementation of his reforms would be bullish, that's not necessary for markets to continue their recovery. "Maintaining the spending cap, while delivering a slightly-diluted pension reform, are achievable outcomes and would go a long way in lifting business confidence and solidifying the ongoing economic recovery: ttt * 763.43 GBX -0.33 **** Still, there are some key milestones ahead that need to be completed. The first that the market will now be focusing on, says Arrighi, is his ability to form a coalition for reform, against a backdrop of a "notoriously fragmented congress". About Author Reform Won't Be Easy Kim Catechis, manager of the Martin Currie Global Emerging Markets fund, thinks there will be strong opposition to the reform plans. David Brenchley is a Reporter for Morningstar.co.uk Follow @davidbrenchley "In an already polarised country, unions will challenge reforms and privatisation, while any anti-corruption drive will result in a period of policy stagnation, as bureaucrats will hesitate to sign off in case they end up in jail. The capital markets do not have the patience for this to come through," he says. On the equities side, Wachnitz sees scope for earnings growth amidst any improvements in economic growth, allied to low inflation and low interest rates, "This is especially true for domestically-exposed firms in the financials and consumer sectors. Valuations are still attractive versus long-term historical averages, on still cyclically-low earnings." Chetan Sehgal, manager of Templeton Emerging Markets Investment Trust (TEM), agrees that Brazil has plenty of upside, but next year will be key - "it's all about implementation," he says. On the bond side, despite recent upward moves Arrighi does not think reforms are have been priced in fully. She says: "We continue to see value in the curve, given the lack of inflationary pressures and potential for significant fiscal turnaround. "The external environment may remain challenging for emerging markets as a whole but, given the scarcity of improving macro stories at the moment, Brazil could continue to stand out." But it's not all positive. Fidelity's Paul Greer has some worries and says he's bearish on the fundamentals in the country over the medium term. "We remain concerned about the trajectory of Brazil's fiscal balances. We don't believe in the likelihood of meaningful fiscal reform, especially pension, social security and tax reform, which is ultimately what Brazil needs to help keep further ratings downgrades at bay from the credit agencies in 2019. "We feel the controversy and divisiveness of Bolsonaro's political agenda, along with his high rejection rates, will prevent him from passing the necessary bills in congress. "We expect Brazil to maintain its sub potential growth, and for inflation to push higher in 2019, which will prompt the central bank to hike rates." The Information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision