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Brazil stocks drop on China slowdown worries
Brazilian stocks dropped Tuesday, with steel stocks hit hard after trade figures from China underscored concerns about slowing in Brazil�s key trading partner.
The Ibovespa BR:BVSP -3.05% fell 3.1% to 53,705.82, with investors returning from Monday�s holiday to broad-based losses, led by a declines of nearly 5% each in the home building and steel sectors. The selloff followed Chinese government data showing imports in June grew at a pace that was weaker than anticipated.
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