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Itau Unibanco (ITUB) Stock Lower As Brazil's Economy Worsens

NEW YORK (TheStreet) -- Itau Unibanco (ITUB) stock is sliding by 1.51% to $6.51 in midday trading on Friday, after Federal Reserve Chairwoman Janet Yellen's argument on Thursday for raising interest rates this year exacerbated concern about Brazil's struggling economy.

Higher U.S. interest rates would negatively impact Brazil by further incentivizing investors who had once gone to Brazil for its relatively higher yields to pull money from the country, according to The Wall Street Journal.

Also weighing on Brazilian-based U.S. traded stocks, the...


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