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Brazil Stock Market Tumbles 10% Amid Growing Political Scandal

Published on 19 May 2017

Brazil’s Bovespa stock market fell sharply at the start of trading today, plummeting over 10% and prompting officials to intervene and halt trading for 30 minutes, according to CNN.

The selloff came in the wake of news reports of fresh corruption allegations against Brazil’s president Michel Temer.

The real, Brazil’s currency, saw its biggest decline since the 2008 financial crisis, dropping 7% against the dollar.

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