Markets settle but Lula jitters remain after Brazil's 'Liz Truss moment'

Brazil's former President Luiz Inacio Lula da Silva gestures as he speaks during a news conference in Sao Bernardo do Campo near Sao Paulo, Brazil March 10, 2021. REUTERS/Amanda Perobelli

Investors have called for Lula to restore firm rules for public spending after major outlays by outgoing President Jair Bolsonaro through the pandemic and election campaign. Instead, Lula is pushing to dismantle old budget rules to ramp up social spending., said on Friday that a balance needed to be struck.

Senator Simone Tebet, of the centrist Brazilian Democratic Movement party , said the economy minister should be his first cabinet pick to make clear what his policies are going to be affecting the economy.Markets deepened losses on Thursday after the announcement of four economists aligned with the leftist Workers Party to handle budgetary issues as part of Lula's transition team, including former finance minister Guido Mantega.

"That would be a very positive signal and put an end to the unnecessary noise that has arisen now on the market," he said.

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