Ibovespa Falls to Seven-Year Low on China, Brazil Growth Concern
- Oil producer Petrobras sank to lowest level since 1999
- Frozen food maker JBS was the worst performer, falling 7.3%
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Brazil’s stocks fell to an almost seven-year low as concern that growth is slowing in China, the South American nation’s biggest trading partner, added to estimates the domestic economy will contract further this year and next.
State-controlled oil producer Petroleo Brasileiro SA sank to the lowest since November 1999. JBS SA was the worst performer after Brazil’s public prosecutor accused executives at the frozen food maker of financial crimes involving loans.