Brazil’s Bovespa Declines for Second Day on Homebuilder Rout
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The Bovespa stock index fell for a second day as real-estate companies tumbled on concern borrowing costs will rise more than previously estimated, overshadowing a rally in phone companies and steelmakers.
Homebuilder Rossi Residencial SA lost 3 percent, helping the benchmark real-estate stock gauge post the biggest two-day drop since May, as traders bet on higher interest rates. Vivo Participacoes SA, Brazil’s biggest wireless carrier, climbed the most in almost three months after third-quarter net income jumped 81 percent. Gerdau SA, Latin America’s largest steelmaker, rose to the highest price since September.