SAO PAULO, Oct 8, 2008 (AFP) - Brazil's stocks and currency slid further in early trading Wednesday, deepening fears that Latin America's biggest economy was being hammered by the global financial crisis.

The Ibovespa index tumbled 4.80 percent at 38,214 points within minutes of the Sao Paulo stock market opening.

The currency, the real, was at 2.45 to the dollar after suffering a staggering 5.63 percent drop.

The steep falls suggested investors were fleeing Brazil -- previously seen as a promising emerging market -- and discounting its chances of weathering the global turmoil.