Ibovespa Futures Fluctuate as Real’s Drop Offsets Fed Concern

Ibovespa futures fluctuated between gains and losses as a weaker real boosted the outlook for Brazilian exporters, offsetting concern that the U.S. will start cutting back stimulus as soon as next month.

Oil company QGEP Participacoes SA (QGEP3) may move after saying it found crude and gas in one of its blocks in Brazil’s Jequitinhonha basin. Cia. de Gas de Sao Paulo may be active after saying it plans to sell 400 million reais of bonds.

Ibovespa futures contracts expiring in October fell 0.2 percent to 49,965 at 9:23 a.m. in Sao Paulo after earlier rising as much as 0.4 percent. The real weakened 0.6 percent to 2.4076 per dollar. U.S. stock-index futures fell before the Fed’s publication of minutes of last month’s policy meeting.

The Federal Open Market Committee will probably decide to reduce its $85 billion in monthly bond purchases at its Sept. 17-18 meeting, according to 65 percent of economists surveyed by Bloomberg News from Aug. 9 to Aug. 13.

In Brazil, consumer prices, as measured by the IPCA-15 price index, rose 0.16 percent in the month through mid-August, the national statistics agency said today. The median forecast of economists surveyed by Bloomberg was for an increase of 0.15 percent.

The Ibovespa has gained 12 percent from this year’s low on July 3 as higher commodities prices and a weaker real boosted raw-material exporters. The MSCI Emerging Markets Index of 21 developing nations’ equities advanced 1.6 percent during the same period.

Trading volume of stocks in Sao Paulo yesterday was 7.02 billion reais, compared with a daily average of 7.77 billion reais this year through Aug. 19, according to data compiled by the exchange.

To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net

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

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