Fear of Chinese crisis causes Ibovespa’s 5th straight drop; lowest last November

The seemingly inevitable default on debt by Chinese giant Evergrande has revived fears of a crisis in the real estate sector, which would bring large-scale consequences for the local and global economies.

RIO DE JANEIRO, BRAZIL - Fears that a default by a prominent Chinese real estate developer will further weaken the global economy caused a new collapse of global stock markets on Monday, with the main index of the Brazilian stock market falling to the worst level in nearly ten months.

Pressured mainly by shares of commodities companies and banks, the Ibovespa fell 2.33% to 108,843 points, with the fifth straight drop taking it to the lowest closing since the 107,378 points on November 23 last year. The financial turnover for the session totaled 34.9 billion reais.

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