Sao Paulo stock market drops 2.2% on credit downgrade

GMT 13:42 2015 Thursday ,10 September

Arab Today, arab today Sao Paulo stock market drops 2.2% on credit downgrade

Sao Paulo stock market
Sao Paulo - Arab Today

Sao Paulo's stock market opened 2.2% lower Thursday on Standard & Poor's decision to cut the Brazilian sovereign credit rating to junk status. The New York-based agency cut Brazil's long-term rating after markets here closed Wednesday, signaling a loss of confidence in the country, which has just entered recession and where the government is struggling with mushrooming debt.

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