Leftist President-elect Lula da Silva picked a trusted ally, former Sao Paulo Mayor Fernando Haddad, as his Finance Minister, ending days of speculation over a key appointment. For investors hoping Lula would farm out economic policy to more orthodox, market-friendly experts, the confirmation of Haddad's role was a disappointment. Brazil's real weakened over 1% against the dollar after Haddad's name was announced. Markets fear that his administration could be marked by an expansion of public spending and an increase in the national debt.