Brazil's economy chief Guedes denies report he will quit

Brazil's Economy Minister Paulo Guedes said on Monday there was absolutely no basis for reports he plans to leave President Jair Bolsonaro's cabinet early next year, after a landmark overhaul of the country's pension system has cleared Congress. Earlier on Monday, newspaper Diario da Amazonia reported Guedes would leave in February, once the fiscally crucial social security overhaul passes Congress and his tax reform proposals gain momentum.

"There is zero basis for that report," Guedes told Reuters. Traders cited the report as a factor behind the retreat on the Sao Paulo stock market, where the benchmark Bovespa index fell 1.93% to its lowest close since Sept. 3.