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  • The Sao Paulo stock exchange plunged nearly five percent Thursday on fears over the economic impact the new coronavirus outbreak will have on Brazil, whose largest trading partner is China. The Ibovespa index plunged more than six percent before recovering to trade down 4.86 percent shortly before closing. Airline stocks were hit particularly hard, with carriers Gol and Azul down more than 19 percent and 14 percent, respectively, as the outbreak continued to severely disrupt the global travel industry. Brazil, Latin America's biggest economy, depends heavily on exports of its raw materials to China, where purchases have been disrupted by the outbreak, which was first reported in Hubei province late last year. The stock market slide came on the same day that Brazil said it now has eight confirmed coronavirus infections -- up by five from the previous day. Health officials are investigating 636 suspected cases. No deaths from the virus have been recorded in Brazil. bur-jhb/sst
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  • Brazil stocks plunge nearly 5% on coronavirus fears
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