Ibovespa futures swung between gains and losses as lower metals prices dimmed the outlook for raw-material producers and traders pared bets on higher borrowing costs in Brazil.
Oleo e Gas Participacoes SA, the oil company formerly known as OGX, may be active after saying it will honor payments to keep its stake in Brazil’s BS-4 offshore block. Odontoprev SA (ODPV3), a provider of dental-care plans, may move after its board appointed Mauro Silverio Figueiredo as chief executive officer.
Ibovespa futures contracts expiring in February climbed less than 0.1 percent to 50,585 at 9:41 a.m. in Sao Paulo. The real appreciated 0.2 percent to 2.3839 per U.S. dollar. The Bloomberg Base Metals 3-Month Price Commodity Index fell 0.8 percent after a gauge of China’s service industries dropped to a four-month low. Brazil’s swap rates, a gauge of expectations for interest-rate moves, fell on most contracts.
The index declined 27 percent in dollar terms in 2013, the worst performance among the 20 biggest equity indexes tracked by Bloomberg, as policy makers boosted borrowing costs to curb inflation that exceeded the government’s target for a third consecutive year.
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