Bovespa Sinks on Europe Debt Concern, Brazil Inflation Forecasts
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The Bovespa stock index tumbled, posting its biggest two-day loss in four weeks, as Brazilian economists lifted their inflation forecasts and concern mounted that the European debt crisis may worsen.
Retailers and homebuilders led declines on the gauge, with the MSCI Brazil/Consumer Discretionary Index posting the worst slide among ten industry groups. Tim Participacoes SA, Brazil’s second-largest wireless carrier, tumbled the most in four weeks on speculation controlling shareholder Telecom Italia SpA will sell part of its stake.