Brazil stocks plunge 10% on emerging political scandal. The Brazilian Bovespa fell more than 10 percent in opening trade.
Brazilian newspaper O Globo reported late Wednesday that Brazilian President Michel Temer gave his blessing to an attempt to pay a potential witness to remain silent in the country’s biggest-ever graft probe.
Below is the screenshot of an ETF which tracks BRAZIL market. This ETF is levered 3X to BRAZIL markets so it moves 3 times the movement of bovespa .
This ETF is down 50% as I write, wiping out more than a years gain in few seconds of market opening.
This is what happens when everybody rushes for exits at the same time