Brazil Real Leads World Losses as Ibovespa Sinks With Petrobras
- Global selloff deepens as confidence in central banks wanes
- Real's implied volatility is highest among major currencies
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Brazil’s real led world losses and stocks dropped on concern that the turmoil in global financial markets will deepen the malaise of Latin America’s largest economy.
The real erased this year’s advance while the Ibovespa extended a three-day slide, and a plunge in crude sent oil producer Petroleo Brasileiro SA tumbling. Lender Itau Unibanco Holding SA contributed the most to the stock gauge’s decline, and miner Vale SA slumped with iron ore.