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Unsurprisingly, the São Paulo stock market is taking a nosedive on Wednesday—down over 8 percent, inching closer to triggering another circuit breaker that would stop trading for 30 minutes.
The Ibovespa stock market index opened the year north of 115,000 base points—and is now below 70,000.
Part of the freefall can be attributed to investors cashing in on yesterday’s brisk rally. But overall, coronavirus volatility is to blame. Especially considering President Jair Bolsonaro’s erratic behavior.
Meanwhile, the U.S. Dollar continues being traded above the BRL 5.15 mark. As we showed in our March 17 Daily Briefing (premium subscription required), the Brazilian currency has shown the worst performance of the year among G20 countries.
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