In Americas, Brazil's Slide Speaks Loudly

While many Latin American stock markets took a hit during the second quarter as the global economic recovery sputtered, Brazil's benchmark Ibovespa index has not only been the worst performing in the region but also one of the weakest in the world.

Global crises such as the earthquake, tsunami and nuclear meltdown in Japan and Greece's continuing debt woes have crimped the economic recovery and weighed heavily on the index of Latin America's biggest economy. The commodity-heavy Ibovespa lost 9% in the second quarter, as Brazilian policy makers raised interest rates to stem inflationary pressure.