Write-downs linked to a corruption scandal amounted to 6.19 billion reais (about USD 2 billion), while remaining losses came from cost overruns at refineries and oil price pressures.
Nick Parsons, head of research, UK and Europe at National Australia Bank believes the US is looking fully priced in.
Speaking to CNBC-TV18, Ramin Nakisa of UBS Bank says that despite the fat that the Fed didn't make any new statement in its June 19 announcement, all markets, across territories saw deep corrections.
The Reserve Bank of India's strategy will be tested with a series of debt sales this week, starting with Wednesday's auction of USD 2 billion of treasury bills one week after it rejected yields demanded in the previous sale as too high.
The boom within credit markets could last for another five years and will be a boon for stocks, but when it ends the fall will be much harder than when the last bear market hit, Brian Reynolds, chief market strategist of Rosenblatt Securities told CNBC Thursday.