Dilma Rousseff's narrow victory in yesterday’s presidential run-off in Brazil has dented hopes that the elections might deliver much-need economic policy reforms. Growth in Ms. Rousseff’s first term in office was already the weakest under any president since the early 1990s and, in the absence of a major shift in policy in her second term, we expect more of the same over the next four years. Stocks, bonds and the currency are likely to fall when financial markets open later today.
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