Brazil Stocks Decline as China Trade Report Sends Vale Tumbling
- Iron-ore miner slumps most since 2008 on exports outlook
- Brazil stock index drops for first time in seven days
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The Ibovespa fell for the first time in seven days as a disappointing trade report out of China, Brazil’s top trading partner, sent Vale SA’s shares tumbling.
Vale, a miner of iron ore, contributed the most to the index’s drop after a report showed that China’s imports declined for the 16th straight month and exports slumped by the most in almost six years. Commodities account for about a fifth of the Ibovespa index’s weighting.