Brazil

it was supposed to be a relatively quiet weekend, after what may have been the most dramatic, "turmoily" week for political and market news in years. It wasn't.

In a move that will surely light the proverbial lightbulb over Donald Trump's head, Brazilian President Michel Temer, having been officially dragged into Brazil's massive corruption scandal after a record emerged in which he urged the payment of "hush money", said on Saturday he would ask the Supreme Court to suspend its investigation into allegations he was also involved in the carwash corruption scheme, vowing to remain in power.

In a press conference held moments ago by Brazil's embattled president Michel Temer, unable to scapegoat the latest political scandal rocking Brazil on Russia, he said that contrary to what some were expecting, he would not resign as he has "nothing to hide", and that he "never bought anyone's silence", meaning that once again Brazil is faced with the daunting prospect of having a painfully unpopular president who will most likely be impeached, yet who refuses to step down voluntarily, or quietly.

With Brazilian Bovespa futures already halted for trading earlier after crashing 10% at the open...

... the circuit breakers has moved to the cash market, where moments ago the Bovespa was similarly halted after crashing 10% at the open.

For those asking, here are the Brazilian circuit breaker mechanics:

Cash:

As first reported last night, Brazil has plunged back into yet another political crisis less than a year after the impeachment of Dilma Rouseff, when a report in Brazil's O Globo newspaper revealed that President Michel Temer was involved in an "hush money" cover-up scheme involving the jailed former speaker of the lower house of Congress, Eduardo Cunha, who was the mastermind behind the impeachment of Rouseff.