People visit a local market decorated with Brazilian colors in a street of Rio de Janeiro on June 10, 2014, Brazil. (AFP PHOTO / CHRISTOPHE SIMON)
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Conventional wisdom has been that a Brazil loss at home in the World Cup would be a positive for the country's financial markets.Tuesday's 7-1 loss to Germany, though, was so crushing that it upends that theory, according to Geoffrey Dennis, the head of emerging-market strategy at UBS AG, who's been covering Brazil since the early 1990s.With Brazilian markets closed Wednesday for a holiday, the iShares MSCI Brazil Capped ETF gained 0.5 percent in early New York trading while American depositary receipts of state-controlled oil producer Petroleo Brasileiro SA added 0.4 percent at 8:17 a.m. in New York.Tuesday's loss, the worst defeat in the country's history, dashed Brazil's hopes of overcoming the national tragedy of losing the final match of the 1950 World Cup at home.A Datafolha survey published July 2 showed that 38 percent of Brazilians would vote for her in the Oct. 3 election, down from 44 percent in February.As the Brazilian team was thrashed by its opponents Tuesday, some in the stadium jeered Rousseff, who had promised to host the "cup of cups".
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