Bovespa Falls as Steelmaker Rout Overshadows Unemployment Drop
This article is for subscribers only.
Brazilian stocks fell for the third time this week as steelmakers tumbled on concern over competition from imports, overshadowing a drop in the unemployment rate.
Gerdau SA, the region’s largest steelmaker, led declines on the benchmark Bovespa index after Barclays Plc said record imports of the alloy will hurt fourth-quarter earnings. Empresa Brasileira de Aeronautica SA, the world’s fourth-largest aircraft maker, declined amid concern global growth is faltering from Europe to China. Losses were limited as homebuilders, led by MRV Engenharia & Participacoes SA, gained after a government report showed the jobless rate fell to a record low.