The $13.1 billion iShares MSCI Brazil Index Fund (NYSEArca: EWZ) was down more than 1% on Wednesday afternoon in active trade, putting it on track for a third straight day of steep losses.

Brazilian stocks fell on speculation China may take further measures to cool the economy and curb inflation in Brazil’s biggest trading partner, Bloomberg reported. Copper traded lower on the news.

Also weighing on the market was steelmaker Gerdau, which is selling $3.5 billion in stock. The iShares MSCI Brazil holds the stock. The fund was the focus of a recent ETF Spotlight.

Other exchange traded funds (ETFs) that hold Brazil’s currency, the real, have rallied.

iShares MSCI Brazil

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.