Why Banco Bradesco (BBD) Stock is Retreating Today
NEW YORK (TheStreet) -- Banco Bradesco (BBD) - Get Report stock is falling by 3.34% to $5.64 in early afternoon trading on Monday, as some U.S. traded Brazil-based stocks tumble as the country's economy has been forecast to shrink further than expected and as the real falls.
Banco Bradesco is a Sao Paulo-based commercial bank offering a range of banking and financial products and services in Brazil.
The Organization for Economic Cooperation and Development is expecting Brazil's economy, which is currently in the midst of one of its worst recessions, to decline by 3.1% this year and 1.2% in 2016, the Financial Times reports.
This compared to the organizations' previous expectations for a reduction of 2.8% this year and 0.7% for 2016.
Also contributing to Banco Bradesco's decline is the 0.8% dip in the real to 3.7986 per dollar in Sao Paulo this afternoon. The currency fell as economists in a central bank survey said the recession is getting worse, Bloomberg reports.
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