iShares MSCI Brazil fund

A $700 million single day haul into the Brazil ETF, the largest in its 25 years, means the election trade is already crowded before the vote is settled.

Brazil ETF $EWZ took in $700m yesterday, biggest one day flow in the ETF’s 25yr history on the country’s potential shift to political center/right. Volume yesterday was a record too. The 12% one day gain was a top 10 day and huge outlier but not a record. https://t.co/JhSrYtufUQ [Quoted @EricBalchunas]: VOLUME EXPLOSION: The Brazil ETF $EWZ did $8b in volume today, by far a record since its launch 25yrs ago. Also was #3 among ETFs after $SPY and $QQQ. The last record it set was the last time a Bolsonaro was elected in 2018. Nothing excites single country EM traders like a https://t.co/ufpMue25nr

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A 12% overnight move in a country ETF is a repricing of Brazil's fiscal path, and anyone waiting for the US open is already late to it.

The Brazil ETF jumped 12% overnight after a somewhat surprisingly strong showing that defied polls (rough decade for polls) for Bolsonaro and other right-wing, market-friendly candidates in races for state governors, Congress and the Senate. $EWZ https://t.co/qG6l8b7HBz

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