Ibovespa

Now that the market's fascinated dream with the regime of Brazil's new president Michel Temer is quickly turning into a nightmare, following two immediate resignations of his closest ministers over the ongoing Carwash corruption scandal, including ironically that of the country's anti-corruption minister, Fabiano Silveira, attention is gradually returning to what is truly the cause of Brazil's woes: an unprecedented economic depression, although only for the people - certainly not for the political elite.

Another day, another stunning reversal in Brazil's neverending Rousseff impeachment saga.

Just hours after Brazilian stocks and currency tumbled when the head of Brazil's lower house Waldir Maranhao said he would annul the soon to be former president's impeachment process, the drive to oust President Dilma Rousseff is once again back on track after Maranhao reversed a decision that had earlier threatened to throw the entire impeachment process into chaos.

In what has been an approximate repeat of the Monday overnight session, global stocks and US futures rose around the world as oil prices climbed toward $44 a barrel, with risk-sentiment pushed higher by another plunge in the Yen which has now soared 300 pips since the Friday post-payroll kneejerk reaction, and was trading above 109.20 this morning.