Ibovespa Futures Rise as Higher Commodities Boost Export Outlook

Ibovespa futures climbed as commodities including crude oil and industrial metals advanced, boosting the outlook for Brazilian producers.

Footwear maker Arezzo Industria & Comercio SA may be active after Bank of America Corp. raised its recommendation to buy. Itau Unibanco Holding SA (ITUB4), Latin America’s biggest bank by market value, may move after its board approved a buyback plan.

Ibovespa futures contracts expiring this week rose 0.2 percent to 50,135 at 9:28 a.m. in Sao Paulo after four straight weekly declines for the equity index. The real weakened 0.2 percent to 2.3347 per U.S. dollar. The Standard & Poor’s GSCI index of 24 raw materials increased 0.6.

The Ibovespa has dropped 28 percent in dollar terms this year, the worst performance among the 20 biggest equity indexes tracked by Bloomberg, on concern Brazil’s economic recovery will falter and reduced monetary stimulus in the U.S. will curb demand for emerging-market assets.

Economists covering Brazil lowered their median forecast for 2013 economic growth to 2.30 percent from 2.35 percent, according to a weekly central bank survey published today. They reduced their median estimate for 2014 expansion to 2.01 percent from 2.10 percent.

Trading volume of stocks in Sao Paulo was 5.50 billion reais Dec. 13, compared with a daily average of 7.45 billion reais this year, according to data available from 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: Brendan Walsh at bwalsh8@bloomberg.net

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