Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

South African rand tumbles as ruling party backs Zuma

Read more

BUSINESS DAILY

British Airways flights return to normal after IT failure

Read more

MEDIAWATCH

Macron and Putin hold 'a frank exchange'

Read more

THE DEBATE

Mending Strained Ties: Macron hosts Putin at Versailles Palace (part 2)

Read more

THE DEBATE

Mending Strained Ties: Macron hosts Putin at Versailles Palace (part 1)

Read more

ENCORE!

Cannes 2017: 'The Square', Sofia Coppola and Joaquin Phoenix take top prizes

Read more

THE OBSERVERS

The violinist of Venezuela's protests; and France's dying bees

Read more

FOCUS

Famine used as a weapon of war in South Sudan

Read more

THE DEBATE

Let's talk Africa-Asia partnerships (part 2)

Read more

Brazilian markets tumble in political scandal

© AFP/File | The Brazilian real fell sharply against the dollar on May 18, 2017

RIO DE JANEIRO (AFP) - 

Brazilian financial markets plummeted on opening Thursday in the wake of a bombshell report that President Michel Temer approved paying hush money to a corrupt politician.

The real fell 5.46 percent against the dollar to 3.315, down from 3.134 at closing Wednesday, CMA consultants said. This reversed a steady strengthening that reflected gradual renewal of investor confidence in Latin America's biggest economy after two years of recession.

The Sao Paulo stock market's Bovespa index crashed more than 10 percent, triggering an automatic suspension of trading for 30 minutes.

Brazilian politics was in crisis after the report in O Globo newspaper that Temer discussed making payments to keep jailed former speaker of the lower house, Eduardo Cunha, from airing secrets about a massive corruption scheme.

Temer quickly denied the report. Early Thursday he cancelled previously announced plans to meet with party leaders.

© 2017 AFP