If Brazil’s Minister of Mining and Energy Edilson Lobao wanted to test the market with the strength of his words, he succeeded, but at the expense of investors. At a BNDES event today in Rio de Janeiro, Lobao said that “all directors” at Petrobras will be replaced, words that were enough to trigger a wave of selling of Petrobras shares. By the end of the session the shares were down almost 3% dragging down the whole Bovespa with it.

Long tongue…


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