Brazil markets slammed as coronavirus goes ‘pandemic’, stocks fall 8.5%

Brazilian markets fell sharply on Wednesday, as stocks closed 8.5% lower and the real slid back toward its all-time low against the dollar after the World Health Organization declared the coronavirus outbreak a global pandemic.

Reflecting the scale of investors’ risk aversion, longer term market-based interest rates surged, implying the central bank will eventually be forced to jack up interest rates to protect the currency and maintain capital inflows from abroad.

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