The investor that was still betting on some kind of reform in Brazil, after the decision of President Bolsonaro in relation to Petrobras, is now completely pessimistic. The dismiss of the president of the state-owned company by social media by the Brazilian president took the market by surprise. Roberto Castello Branco was doing a job praised by the market at the state-owned company, caused Brazilian assets to suffer a high and profound repricing.
According to the newspaper Folha de S.Paulo, analysts believe that the accumulated losses in petrobras' market value can reach R$ 100 billion today, January 22, 2021, following the announcement of the government's change of command of the state.
In general, Bolsonaro's intervention is causing a huge loss of value in Brazilian state-owned companies today.
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