Brazil: The big opportunities and risks as reform gathers momentum

Brazil, one of the best markets in 2016, has clearly underperformed in the past few weeks, writes Maarten-Jan Bakkum, senior strategist, emerging markets at NN Investment Partners.

Meanwhile, we are getting closer to the moment of truth: far-reaching reforms to the Brazilian pension system in order to make the government budget and debt manageable again. Will Rousseff's impeachment be a game-changer for Brazil? By April, it should be clear when exactly Congress will vote on these reforms. Until then, protests will probably swell and uncertainty about dilution of the proposed reforms are likely to rise. This explains why the Brazilian market has recently been under some pressure. The reforms will ultimately be carried through. The average retirement age in ...