Bovespa Futures Little Changed as Traders Weigh Earnings Reports

Bovespa-index futures were little changed, after the equity gauge posted its longest losing streak since October, as investors weighed a drop in commodities prices and better-than-forecast earnings from Grupo BTG Pactual.

BTG, Brazil’s top generator of investment-banking fees in 2012, may be active after reporting fourth-quarter profit that beat analysts’ estimates. Exchange-operator BM&F Bovespa SA may move after posting fourth-quarter results yesterday after the market closed. MPX Energia SA may be active after a person with direct knowledge of the matter said controller Eike Batista is seeking to raise more than $5 billion by selling a controlling stake in the company and his gold business.

Bovespa-index futures slipped less than 0.1 percent to 57,650 at 9:33 a.m. in Sao Paulo. The real fell 0.1 percent to 1.9569 per dollar. The S&P GSCI Spot Index of raw materials declined 0.2 percent, retreating for a third day.

Investors are waiting for the minutes of the last meeting of the Federal Open Market Committee scheduled to be released this afternoon, Bradesco analysis led by Octavio de Barros wrote in a research note. “For Brazilian stocks, we expect a slight decline” today, the analysts said.

The Bovespa has dropped 9.5 percent from this year’s high on Jan. 3 amid concern that accelerating inflation may curb Brazil’s economic recovery and that the government’s interventionist policies will hurt profits in industries including utilities and energy.

Brazil’s benchmark equity gauge trades at 10.8 times analysts’ earnings estimates for the next four quarters, compared with 10.5 for MSCI’s measure of 21 developing nations’ equities, data compiled by Bloomberg show.

Trading volume for stocks in Sao Paulo was 6.9 billion reais yesterday, which compares with a daily average of 7.45 billion reais this year through Feb. 15, according to data compiled by the exchange.

To contact the reporter on this story: Julia Leite in New York at jleite3@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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