Brazil Bank Shares Lead Declines on Credit Curbs Concern
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Brazilian lenders led declines in Sao Paulo trading as the central bank signaled it may enact additional credit curbs after raising the benchmark interest rate less than some traders were betting.
The MSCI Brazil/Financials Index fell the most among 10 industry gauges, losing 2.2 percent to 901.24 at the 3:15 p.m. New York time close. Banco Santander Brasil SA, the Brazilian unit of Spain’s biggest bank, dropped 3 percent to 20.67 reais, the second-largest slide on the measure. The index is down 14 percent since a high on Oct. 13, compared with a 2.9 percent drop for the benchmark Bovespa.