Brazil Stocks Hit World’s Bottom as Bolsonaro Spooks Markets
- Ibovespa index is down nearly 7% this year in local currency
- Selloff has wiped out $102 billion in value from stock market
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Brazil stocks have become the world’s worst-performing so far this year, hit by a combination of sluggish growth, higher rates and fears President Jair Bolsonaro may be about to blow up the country’s finances.
The Ibovespa has fallen nearly 7% in local-currency terms since January, more than all national equity indexes tracked by Bloomberg. The drop has wiped out about 570 billion reais ($102.1 billion) in market value since its June peak.