Ibovespa Futures Drop as Commodities Decline Saps Export Outlook

Ibovespa futures fell, after the benchmark stock index rose for a fourth straight session, as lower commodities prices dimmed the outlook for Brazilian raw-material exporters.

Cyrela Brazil Realty SA may be active after the homebuilder said third-quarter sales declined 23 from a year earlier. Banco Bradesco SA may move after saying its health insurance unit increased its stake in Odontoprev SA (ODPV3) to 50.01 percent.

Ibovespa futures contracts expiring tomorrow dropped 0.2 percent to 54,105 at 9:20 a.m. in Sao Paulo. The real weakened 0.1 percent to 2.1838 per dollar. The Standard & Poor’s GSCI index of 24 raw materials slid 0.4 percent as traders waited for U.S. lawmakers to reach a deal on the nation’s debt ceiling.

In Brazil, retail sales climbed 0.9 percent in August from a month earlier, the national statistics agency said today. The median forecast of economists surveyed by Bloomberg was for a 0.2 percent increase.

OSX Brasil SA (OSXB3), the shipbuilder controlled by former billionaire Eike Batista, may move after two people familiar with the matter who asked not to be identified said Brazil’s national development bank, known as BNDES, agreed to roll over a 548 million-real loan due today for 30 days. OSX and BNDES declined to comment.

Batista’s mining company MMX Mineracao e Metalicos SA may be active after Trafigura Beheer BV and Mubadala Development Co. agreed to buy a controlling stake in its iron-ore port in Rio de Janeiro state for $400 million and assumed debt.

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 down 17 percent in dollar terms this year, compared with a decline of 2.4 percent for the MSCI Emerging Markets Index of 21 developing nations’ equities.

Trading volume of stocks in Sao Paulo yesterday was 5.84 billion reais, compared with a daily average of 7.57 billion reais this year through Oct. 11, 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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