Brazil's Stock Market Falls 12% in Biggest Drop of the Century

[Judi Lynn]

Oil price intensifies global crisis, and Paulo Guedes defends reforms, but Congress calls for more immediate actions

Mar.10.2020 1:32PM

On a day rocked by panic in the stock markets around the world, the Brazilian stock market collapsed 12.17%, at 86,067 points, its lowest level since December 26, 2018. It is the biggest drop in one day, in percentage, since the Russian crisis in September 1998.

São Paulo interrupted negotiations when the devaluation hit 10%. New York also had a circuit breaker. The dollar soared and, despite two BC interventions, closed up 2%. The country risk rose by 30.3%.

After the coronavirus crisis in January, the Ibovespa fell 27.35% and erased the gain obtained since the beginning of the Bolsonaro government. Yesterday, the devaluation of oil weighed amid the dispute between Saudis and Russians.

Economy Minister Paulo Guedes declared that "Brazilian democracy will react by transforming this crisis into advancing reforms." "[It is time for] the three Powers, with serenity, each to resolve his part."

More:
https://www1.folha.uol.com.br/internacional/en/business/2020/03/brazils-stock-market-falls-12-in-biggest-drop-of-the-century.shtml?utm_source=newsletter&utm_medium=email&utm_campaign=newsen




That's right, just shoot that market dive!