Bovespa Index Tumbles Most in Two Weeks as Inflation Quickens
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Brazil’s Bovespa stock index fell the most in two weeks, erasing this year’s advance, after a report showing quickening inflation spurred concern policy makers will raise borrowing costs to cool the economy.
Homebuilders Rossi Residencial SA and Gafisa SA fell at least 4 percent after a report showed consumer prices rose at the fastest pace in more than five years. Itau Unibanco Holding SA, Brazil’s biggest bank by market value, sank to the lowest price since September. Usinas Siderurgicas de Minas Gerais SA, Brazil’s biggest supplier of steel for the auto industry, led a drop for raw-materials producers.