In Brazil's Market Meltdown, a Wave of Panic -- Then Silence
- Trading desks grow quiet as panic gives way to shock
- Central bank offers relief but no silver bullet, traders say
Emerging Market Currencies Continue to Get Slammed
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As Brazilian markets went wild this week, trading desks fell silent.
Unlike previous scares that rocked Latin America’s biggest economy -- a 50-minute selloff triggered by a blackout, for example, or fear a corruption scandal is getting ever closer to the presidency -- this time around there’s no shouting as clients call to demand updates or computer screens explode with instant messages. Instead, panic has given way to a shocked silence as traders watch markets unravel, according to interviews with half a dozen brokerages.