The real is tumbling (BZF -2.1%) - a natural as risk moves to "off" - but also reflecting...

|By:, SA News Editor

The real is tumbling (BZF -2.1%) - a natural as risk moves to "off" - but also reflecting Brazil's reliance China, whose economic slowdown looks to be accelerating. An excellent proxy for Brazil, China, and the whole emerging growth story is VALE, -4.3% today, 34% YTD, selling for 5X earnings.