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Brazil's Bovespa tumbles another 3.8%, now back to 2009 levels, dragged down by a continued...

Brazil's Bovespa tumbles another 3.8%, now back to 2009 levels, dragged down by a continued plunge in Elke Batista's OGX Petroleum (OGXPY.PK -24.8%). Not helping is today's report of a 2% decline in industrial production in May, about double the estimates. The good news is a drop in swap rates as traders place bets the central bank could stop hiking rates. The Brazil Index ETF (EWZ -3.6%), the Small Cap ETF (BRF -3.8%).
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Comments (2)
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    In Nov 2004 the iBov was trading at about 25K and the EWZ at $20. iBov has already lost about 40% from peak (72.5K) to last close (45.2K). The question is where the interim floor is. Looking at the chart it could be around 36.5K, the 2008 bottom.
    2 Jul 2013, 05:04 PM Reply Like
  • karlis44
    , contributor
    Comments (64) | Send Message
     
    How will OGX get out of this mess? Someone has to step up and buy the company. If reserves are real then maybe a great buy?
    Karlis Ullis, MD
    2 Jul 2013, 10:22 PM Reply Like
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