Venezuelan dollar bonds have continued to rally this week on hopes of a swift political transition, debt restructuring and economic overhaul, but history suggests that this could prove optimistic. Elsewhere, mining company Vale’s decision to halt production at several mines in Brazil following the tragic collapse of a dam last week is likely to have a very small macroeconomic impact, but it could weigh on financial markets if it saps political appetite for President Jair Bolsonaro’s deregulation agenda.
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