It’s just been reported that Venezuelan President Hugo Chavez is dead.
What’s the market reaction?
Below is a chart of Venezuelan 15-year government bond yields.
The chart shows that anyone hoping to profit from Chavez’s death probably already missed the rally, as investors have been snapping up these bonds for nearly a year, betting on Chavez’s deteriorating health.
Photo: Bloomberg, Business Insider
In other words, today’s news is probably already largely priced into the market.
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