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Brazilian Shares, Real Plunge After Report President Encouraged Bribes

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The Brazilian real plunged against the dollar Thursday and stocks plummeted after a local newspaper reported Wednesday that President Michel Temer encouraged a businessman to continue bribing a jailed former congressman to buy the lawmaker's silence, putting the future of his government and the approval of key economic reforms by Congress at risk.

U.S. Stocks, Dollar Rebound After Steep Selloff

U.S. stock indexes rebounded from their worst selloff of the year as investors lifted shares of financial and technology companies. The S&P 500 added 0.4%.

U.S. Plans to Start Nafta Talks

The Trump administration informed U.S. lawmakers that it intends to launch formal negotiations on overhauling the North American Free Trade Agreement, as President Donald Trump will try to win concessions from Canada and Mexico.

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GOP's Path to Tax Changes Slowed by Upcoming Budget Fight

To advance a tax overhaul this year, congressional Republicans first must clear a tricky hurdle: They need to agree on a budget.

Fed's Mester Wants Rate Rises, but Won't Say When They Should Happen

Cleveland Fed President Loretta Mester offered an upbeat economic outlook and said more rate rises lie ahead for the central bank.

ECB Wary of Repeat of Fed's 'Taper Tantrum'

European Central Bank Officials wants to avoid a repeat of the 2013 'taper tantrum,' when the prospect that the Fed would slow its asset purchases roiled the markets.

Mnuchin to Review Request to Provide List of Trump's Business Contacts

Treasury Secretary Steven Mnuchin will tell lawmakers the administration's goal of sustainable economic growth of 3% or higher is achievable "if we make historic reforms to both taxes and regulation."

Republicans Lock Onto Insurance Troubles in Push to Topple Health Law

Republicans are seizing on early signs of premium increases and diminishing insurer participation on next year's insurance exchanges as proof the Affordable Care Act must be overturned, while Democrats say the GOP repeal effort itself is to blame.

Bank of Mexico Raises Rates for Sixth Consecutive Time

The Bank of Mexico lifted interest rates by a quarter percentage point, a further indication that the central bank is worried about rising inflation that hit an eight-year high last month.

Trump's Glass-Steagall May Be Less Onerous Than Big Banks Fear

Treasury Secretary Steven Mnuchin told a congressional panel that a breakup of the big banks isn't what the Trump administration has in mind when it comes to a modern version of the Glass-Steagall Act.

(END) Dow Jones Newswires

May 18, 2017 17:15 ET (21:15 GMT)