BrazilBrazil

Ibovespa falls 2.83%, pulled by a strong drop in Petrobras

The Ibovespa closed sharply down this Friday (17), returning to November 2020 levels, with fears of a global recession pushing down commodities, while Petrobras collapsed about 6% also reflecting political risk after announcing a readjustment in fuel prices. . (

Petrobras shares fell by more than 10% throughout the day, but ended the trading session with a drop of 6.00%.

The Ibovespa dropped 2.90%, to 99,824.94 points, the lowest level since the beginning of November 2020. At the worst moment, it reached 98,401.73 points (-4.28%). With such performance, the Ibovespa accumulated a decline of 5.3% in the week.

The dollar, on the other hand, advanced more than 2% against the real, the third consecutive weekly appreciation, boosted by the recent decision of the Federal Reserve – Fed (North American Central Bank) to raise interest rates in the United States at a more intense pace since 1994. This decision of the Fed makes the US currency more attractive globally and raises fears of a recession in the world‘s largest economy, undermining investors’ appetite for risk.

The spot US currency rose 2.35% to R$5.1460, the highest closing rate since May 9 (R$5.1554), which was its eighth daily gain in nine trading sessions. In the week, shortened by the Corpus Christi holiday on Thursday (16), the dollar advanced 3.14%.

* With information from Reuters

Translated to english by RJ983

From Brazil, by EBC News

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