Business

Brazil’s stocks officially fall into a bear market

The rapid fall of commodity prices amid growing fears of a global recession has taken a severe toll on Brazilian stocks

stock market bear market
Panel at B3, Brazil’s stock exchange. Photo: Casa da Photo/Shutterstock

For weeks, the Brazilian stock market has narrowly escaped a bear market. But as commodity prices continue to fall — pressuring some of the country’s most significant stocks — the Ibovespa benchmark index fell almost 21 percent below its most recent peak, recorded on April 1. It was also the index’s lowest point since November 2020.

Mining giants Vale and CSN pulled Ibovespa downward, each recording drops of more than 5 percent. Stocks of oil giant Petrobras, Brazil’s largest company, dipped by 2.69 percent.

Crude oil prices have fallen below USD 95 a barrel for the first time since...

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