Ibovespa Rises for Seventh Day as Vale Jumps While Real Declines
- Benchmark stock gauge joins gains in emerging-market shares
- Currency erases rally as veto decision delayed in Congress
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Brazilian stocks extended their longest advance in 18 months as emerging-market shares climbed with commodities. The real declined after the government was unable to secure the necessary quorum in Congress to hold a vote on presidential spending vetoes.
The equity benchmark rose for a seventh day on speculation the Federal Reserve will keep interest rates lower for longer, helping boost the appeal of developing nations. An MSCI gauge of raw-material producers gained the most among 10 industry groups, led by miner Vale SA. The real slid after lawmakers ended a session without voting on Rousseff’s vetoes of measures that would boost some government salaries and pension payouts and cost 63 billion reais ($16 billion) over four years.