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Sao Paulo stock market drops six percent

AFP

The Sao Paulo stock market dropped six percent Thursday and the real continued to fall against the dollar, reflecting growing pessimism over Brazil's economic and political outlook, analysts said.

At about 1750 GMT, the Ibovespa index was down 5.54 percent, after having earlier dipped 6.2 percent. The dollar traded at 3.94 reais, compared to 3.86 at opening, the strongest rate against Brazil's currency since 2016.

Brazil's economy, which is making a feeble recovery from its worst recession in history, came to a standstill for more than a week last month when truckers went on strike nationwide to protest high fuel prices.

The country is being shaken by an ongoing corruption scandal that has disrupted every political party.

Markets are also concerned in the run-up to a general election in October, with centrist, traditionally pro-market presidential candidates so far making little ground in opinion polls.