Foreign investors pull R$18.1bn from B3; ETF manager sees technical outflow, not bearish bet

Foreign investors withdrew R$18.1 billion from Brazil's B3 exchange in August, following local investor expectations of Lula's re-election. Global X ETFs' co-portfolio manager interprets the outflow as technical repositioning rather than a structural negative, noting improved flows to Brazil. The development signals potential market volatility around Brazil's October election and foreign capital sentiment.