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Brazil stocks trading in U.S. slide on commodities

Posted on 21 November 2008

From Bloomberg: Brazilian stocks trading in the U.S. fell to the lowest in three years, led by miner Cia. Vale do Rio Doce and oil company Petroleo Brasileiro SA, on speculation that earnings may contract because of the slump in commodity prices.

Vale, the world’s biggest iron-producer, dropped for a fifth day after JPMorgan Chase & Co. cut its forecast for iron-ore prices in 2009 by 30 percent. Petrobras American depositary receipts sank 8 percent after crude oil fell below $50 a barrel for the first time in almost two years….. Full Article: Source


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