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Here's Why Ambev (ABEV) Stock Is Slumping Today

NEW YORK (TheStreet) -- Ambev (ABEV - Get Report) stock is decreasing by 0.30% to $4.99 in late afternoon trading on Friday, as the Brazilian real weakens on speculation that officials will revise this year's budget target to show a deficit.

Based in Sao Paulo, Brazil, Ambev produces, distributes, and sells beer, draft beer, soft drinks, other non-alcoholic beverages, malt, and food in the Americas.

The real fell 1.1% to 3.8396 per dollar this afternoon, snapping two days of gains and bringing the currency down a total of 2% this week, Bloomberg reports.

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Brazil's government plans to revise this year's budget target to forecast a deficit excluding interest payments of 0.3% of GDP, down from the current target of a 0.3% surplus, according to a report by Fola de S. Paulo, Bloomberg notes.

Further, officials will likely drop plans to bring back a financial transactions tax, according to Bloomberg.

Brazil is facing its worse financial recession since the 1930s, as the country contends with declining commodities prices and political turmoil. Ratings agencies...


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