On the face of things, booming commodities markets should mean Brazil’s outlook would be promising. But the reality is that global investors have lost confidence in the county’s leadership, including President Jair Bolsonaro. The situation could get worse as global growth slows, experts say.

“Earlier this year, Brazil was a favorite investment play, but it fell out of favor,” says Marc Chandler, chief market strategist at Bannockburn Global Forex. “Bolsonaro has lost credibility with investors.”

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Also relevant:

* BofA Sees BCB Ending Hiking Cycle in December, Raises Brazil Year-End Inflation Forecast to 8%
* Morgan Stanley Warns Brazil Faces Stagflation, Halves 2022 GDP Growth Forecast to 1.2%
* Brazil’s Central Bank Raises Selic Rate to 6.25%, Sees Increase to 7.25% in October Meeting: Dow Jones Newswire