Ibovespa futures fell as raw materials slumped on signs of a slowdown in China, Brazil’s biggest trading partner.
Meatpacker Marfrig Global Foods SA may move after quarterly sales trailed estimates. Power utility Cia. Energetica de Minas Gerais, known as Cemig, may be active after forming an alliance with Grupo EPM to bid for Colombia’s stake in Isagen SA.
Ibovespa futures contracts expiring in April retreated 0.9 percent to 46,145 at 9:23 a.m. in Sao Paulo. The real gained 0.1 percent to 2.3378 per U.S. dollar. The Standard & Poor’s GSCI index of 24 raw materials fell 0.9 percent as China’s exports declined last month the most since 2009. Commodities producers account for 35 percent of the Ibovespa’s weighting, according to data compiled by Bloomberg.
The Ibovespa has tumbled 18 percent from a bull-market high on Oct. 22 as inflation exceeded policy makers’ target and concern mounted that higher government spending will lead to a reduction in the country’s credit rating.
Trading volume of stocks in Sao Paulo on March 7 was 7.3 billion reais, compared with a daily average of 6.35 billion reais this year, according to data from the exchange.