Brazil’s Stocks Join Global Rout as Petrobras Follows Crude Drop
- Oil producer is among worst performers on the Ibovespa index
- Uncertainties regarding global growth fuel investors’ caution
Brazil Is Unraveling Before Our Eyes
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Brazil’s benchmark Ibovespa stock index joined a global rout, erasing this week’s advance, on concern gains in the past days may have been excessive considering prospects for growth in Latin America’s largest economy.
Lenders Itau Unibanco Holding SA and Banco Bradesco SA contributed the most to the gauge’s decline, and state-controlled oil producer Petroleo Brasileiro SA followed a drop in crude that sent prices below $50. Planemaker Embraer SA fell to the lowest in two years after announcing Chief Executive Officer Frederico Curado will be replaced.