Brazil ETF Tanks After Country Imposes Foreign Investor Tax


Did you dabble in the iShares MSCI Brazil (EWZ) ETF after Rio won the bid for the Olympics, and you read a million articles about how sound the Brazilian economy was?

Well, today you just got dinged by an emerging market making a classic emergin market move after the Lula adminsitration announced that it would impose a foreign investor tax to ward off overheating and speculation.

And after rallying 1% during the day, EWZ promptly tanked 4% after hours. Whoops.

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