Lula's 'socialism' did not stand in the way of a commodities-driven rally in Brazil equities last time round in 2003-10

Performance normalised to 100 in Jan 2000 and in US$ terms

IBOV stands for Ibovespa Brasil Sao Paulo Stock Exchange Index (local Brazil equity index)

Chart: Hasnain Malik Source: Bloomberg, MSCI, Tellimer Research Get the data