Ibovespa Posts Longest Losing Streak Since 2012 as China Weighs
- Brazil will contract 2.8% this year, economists estimate
- Exports may also be at risk as Chinese growth decelerates
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The Ibovespa capped its longest losing streak since 2012 as analysts turned more pessimistic on Brazil’s economy amid signs of a slump in China, its biggest trading partner.
Brazil’s benchmark equity gauge slumped for an eighth straight day, reaching the lowest since 2009, after economists covering Brazil forecast that the country’s gross domestic product will shrink 2.8 percent this year. That’s a more gloomy view than in the previous weekly poll by the central bank, which projected a decline of 2.7 percent.