The document discusses the economic outlook for Brazil in 2014, highlighting the negative impact of government policies on the economy. It predicts lower growth due to private sector reluctance to invest and the impact of state-led policies. The report also anticipates pressure on consumption and employment levels, and potential depreciation of the Real against the US dollar. Despite poor fundamentals, there is a caution against unexpected equity rises similar to Argentina's in 2013. The report remains underweight on Brazil due to unattractive stock valuations and an unhelpful domestic and external environment.
doj/DataSet10/EFTA01451012.pdf
{"title":"GEM Equity Strategy Outlook 2014","key_people":["Jose Carlos de Faria"],"document_date":"December 2013","document_type":"tabular","key_locations":["Brazil","Argentina","China","Russia"],"document_subtype":"financial report","key_organizations":["Deutsche Bank","Bloomberg Finance LP"],"reference_numbers":["DB-SDNY-0107114","SDNY_GM_00253298","EFTA01451012"]}