Ibovespa Futures Drop as Lower Commodities Hurts Export Outlook

Ibovespa futures dropped, after the equity gauge sank to a one-week low yesterday, as lower commodities prices dimmed the outlook for Brazilian producers.

Oil company OGX Petroleo e Gas Participacoes SA may move after saying it probably will ask bondholders for more cash in a bid to avoid having to file for bankruptcy. Airline Gol Linhas Aereas Inteligentes SA (GOLL3) may be active after saying a measure of profitability known as yield, or the average fare paid by a passenger to fly one kilometer, increased 33 percent in August from a year earlier.

Ibovespa futures contracts expiring in October slipped 0.2 percent to 52,325 at 9:12 a.m. in Sao Paulo. The equity gauge is down 0.8 percent this week. The real dropped 0.2 percent to 2.2802 per dollar. The Standard & Poor’s GSCI index of 24 raw materials retreated 0.3 percent as oil and metals declined while investors awaited a U.S Federal Reserve meeting next week that may signal a scaling back of monetary stimulus.

The Ibovespa entered a bull market on Sept. 9 after rising 20 percent from this year’s low on July 3 through that day. The gauge is still down 22 percent in dollar terms this year, compared with a decline of 6.1 percent for the MSCI Emerging Markets Index of 21 developing nations’ equities.

Trading volume of stocks in Sao Paulo was 7.16 billion reais yesterday, compared with a daily average of 7.73 billion reais this year through Sept. 6, 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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