10/10/2024 – 9:26
One of Brazil’s most influential bankers thinks the market is more pessimistic than it should be. In a conversation with a group of investors yesterday in New York, André Esteves, the founder and chairman of BTG Pactual, said that he disagrees with the prevailing market thesis that the Lula Government is heading towards the economic disaster of the Dilma Government.
Esteves – who has already had private conversations with Lula at least twice this year – considered that Brazil is growing 3% without a large increase in the current account deficit, which has never happened before. “Brazil is better than it seems,” said the banker – repeating a phrase he has said in almost all of his public appearances since the beginning of the Lula Government – but recognizing that the market is “cautious” and “wary”.
Esteves also spoke about the “relevant” result of Sunday’s election, in which “the left and the crazy right were defeated.” Analyzing the 2026 election, he thinks that the left will not be a favorite and assessed that “there is no chance of Tarcísio not being a candidate”. For the banker, if Tarcísio wins, Brazilian assets will experience “the mother of all rallies.”
Read the full report at Brazil Journal.
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