By Adriana Brasileiro
Dec. 1 (Bloomberg) -- Brazil’s real slid to a one-week low as record contractions in European and Chinese manufacturing renewed concern the global economic slowdown is deepening, reducing demand for domestic assets.
The real fell 2.8 percent to 2.3735 per dollar at 7:15 a.m. New York time, from 2.3063 on Nov. 28. It touched 2.3790, the weakest level since Nov. 24.
Brazil’s real has dropped 31 percent against the dollar in the past three months, the worst performance among the 16 major currencies tracked by Bloomberg.
The yield on Brazil’s zero-coupon bond due in January 2010 rose three basis points, or 0.03 percentage point, to 14.66 percent, according to Banco Votorantim. The yield on Brazil’s overnight futures contract for January 2010 delivery fell one basis point to 14.47 percent.
An index of European manufacturing based on a survey of purchasing managers by Markit Economics in London dropped to 35.6 last month from 41.1, remaining below the expansion- threshold of 50 for a sixth month. The China Federation of Logistics and Purchasing index fell to a seasonally adjusted 38.8 in November from 44.6 in October.
To contact the reporter on this story: Adriana Brasileiro in Rio de Janeiro at abrasileiro@bloomberg.net
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