Ibovespa futures rose as speculation U.S. lawmakers will agree to raise the debt ceiling lifted commodities and buoyed the outlook for Brazil’s producers.
Auto-parts maker Iochpe-Maxion SA (MYPK3) may move after Credit Suisse Group AG raised its recommendation on the stock to the equivalent of buy. Oil company OGX Petroleo e Gas Participacoes SA may be active after saying Eike Batista sold 74.8 million shares for 29.6 million reais ($13 million) in September.
Ibovespa futures contracts expiring next week rose 0.9 percent to 52,860 at 9:23 a.m. in Sao Paulo. The real strengthened 0.5 percent to 2.1958 per dollar. The Standard & Poor’s GSCI index of 24 raw materials gained 0.4 percent.
Commodities and U.S.-index futures advanced as President Barack Obama prepared to meet Republican leaders today. The federal government is in its 10th day of a partial shutdown and has a week before its borrowing authority lapses Oct. 17.
In Brazil, swap rates surged after the central bank increased the target lending rate for a fifth straight time, raising it to 9.5 percent from 9 percent.
The Ibovespa entered a bull market Sept. 9 after rising 20 percent from this year’s low on July 3 through that day. The gauge is still down 19 percent in dollar terms this year, compared with a decline of 4.2 percent for the MSCI Emerging Markets Index of 21 developing nations’ equities.
Trading volume of stocks in Sao Paulo yesterday was 6.16 billion reais, compared with a daily average of 7.6 billion reais this year through Oct. 8, according to data compiled by the exchange.
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