Brazil stocks post biggest fall since 1998, central bank intervenes twice in FX

Brazilian stocks plunged more than 12% on Monday to record their biggest fall since 1998 and the central bank intervened twice in the currency market as the real slumped to another record low, in a day of widespread fear and selling across global markets.

The benchmark Bovespa index’s 12.3% decline .BVSP was its biggest one-day fall since October 1998 and the seventh largest ever, with preferred shares in oil giant Petrobras recording their steepest ever decline of 30% (PETR4.SA).

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