Brazil market slides after Rousseff re-elected

Re-elected Brazilian President Dilma Rousseff (L) greets former Brazilian president Luiz Inacio Lula Da Silva following her win, as her Vice President Michel Temer (R) looks on, in Brasilia on October 26, 2014Brazilian markets delivered a harsh verdict Monday after left-wing President Dilma Rousseff narrowly won re-election, despite her pledge to unite a divided nation and reboot a stagnant economy. The Sao Paulo stock market plunged six percent in opening trade and the currency, the real, fell four percent against the dollar after Rousseff — the first woman to lead the world’s seventh-largest economy — defeated business world favorite Aecio Neves in a run-off. State-owned oil giant Petrobras, which was thrust into the campaign spotlight by a multi-billion-dollar kickback scandal implicating politicians linked to Rousseff, was down 15 percent. After a vitriolic campaign that largely split the country between the poor north and the wealthier south, Rousseff won 51.6 percent of the vote to 48.4 percent for Neves, the closest margin of victory since 1945.

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