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Fri Mar 20, 2020, 07:40 PM

UPDATE 2-Brazil's stocks plunge 19% in steepest weekly fall since 2008

MARCH 20, 2020 / 9:07 AM / UPDATED 2 HOURS AGO

Jamie McGeever

(Recasts, updates closing prices, adds detail)

By Jamie McGeever

BRASILIA, March 20 (Reuters) - Brazilian stocks fell on Friday, rounding off the steepest weekly fall since the Great Financial Crisis and the third largest in 30 years, as gloom deepened surrounding the coronavirus-hit domestic and international economic landscape.

Brazil’s benchmark Bovespa index closed 2.3% lower at 66,750 points, wiping out earlier gains and bringing the week’s decline to 19%. That was the biggest weekly loss since October 2008 and the third largest in three decades.

Brazil’s real strengthened slightly, briefly trading through 5.00 per dollar. But it still ended the week down more than 3%, and has now appreciated in only one week out of the last 12.

Long-dated interest rate futures, a barometer of investors’ risk appetite and so-called “Brazil risk”, rose slightly, with January 2027 contracts nudging 9% and January 2029 contracts trading above 9% .

The session had started on a strong footing as the trillions of dollars of global fiscal and monetary stimulus coming down the pipe to mitigate the coronavirus shock tempted investors to take on a little more risk.


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