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Market Update: Bovespa Falls for Third Session
Brazils main stock index fell for the third session in a row on Thursday, with the benchmark Bovespa closing around the 120,000 level for the first time in over two weeks, dragged down by a massive selloff among energy and materials shares. Investors continued to digest a more hawkish tone from both the Fed and the Brazilian central bank. The Federal Reserve drastically raised inflation forecasts and shifted up the timeline for a rate hike. Domestically, the central bank delivered its third consecutive interest rate increase of 75 basis points on Wednesday, as expected, and signalled more hikes ahead. Braskem SA and Companhia Siderurgica Nacional were the biggest laggards on the index, down 5.4% and 5.0%, respectively. [/s2If]
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