Monday, August 4, 2008

Brazil: Stocks hit as resource prices tumble

From MarketWatch:
Major Latin American stock markets dropped Monday, led by a slide in Brazilian equities as prices for resources sparked a broad sell-off.

In Sao Paulo, the Bovespa dropped 3.5% to 55,609.07, its third consecutive decline.
"The glitter has come off Brazilian equities," said Geoffrey Dennis, Latin American strategist at Citigroup, in a note Monday, as the benchmark index has dropped more than 21% from its high in late May and has broken below its 50- and 200-day moving averages....MORE