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RIO DE JANEIRO, BRAZIL - By March 4th, foreigners had withdrawn R$44.8 (US$11.2) billion from the Brazilian Stock Exchange. The figure exceeds the amount withdrawn in the whole of 2019, of R$44.5 billion, excluding public offerings (IPOs and follow-ons).

The withdrawal also exceeds the 2008 figure, the highest in the B3 historical series. In figures corrected for inflation, R$44.6 billion were withdrawn during the crisis year. The speed of withdrawal is also a record, around R$1.05 billion per trading session, and exceeds the 2008 daily average.

Considering IPOs (initial public . . .

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