NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Report are declining by 3.97% to $5.20 in mid-morning trading on Monday, as some U.S. traded Brazil-based stocks decline along with Brazil's currency.
Brazil's real fell as data from China showed a decline in the country's manufacturing, Bloomberg reports. China is Brazil's largest trading partner.
Banco Bradesco is a Sao Paulo-based banking company that offers customers in Brazil a wide variety of financial products and services.
"Negative data in China increases risk aversion toward higher-yielding currencies, especially the real due to the strong commercial relation between Brazil and the Asian country," CM Capital Economist Jessica Strasburg told Bloomberg.
So far this year the real has decline by 34% as Brazil's economy is dealing with its longest recession since the 1930s as a result of above target inflation and political issues that has made it difficult for the country to repair its budget.