São Paulo – Amid global financial market trepidation, the US dollar climbed 2.08% to BRL 3.3168, the highest since July, this Tuesday (13) in Brazil. Ibovespa, the main São Paulo Stock Exchange Index, closed down 3.01% to 56,820 points.
Bearing down on Brazilian and international markets was the announcement by the International Energy Agency (IEA) that demand for oil weakened. That prompted oil prices to drop, dragging down commodity prices and the shares of commodity-related businesses. In Brazil, the biggest losing shares on Ibovespa were Petrobras and steel companies Gerdau, CSN and Usiminas.
Besides the IEA’s numbers, the prospect of a United States interest rate hike, and distrust over moves by central banks to spur economic growth in several countries caused the price of the dollar to swing.
*Translated by Gabriel Pomerancblum
