Bovespa Holds Near Five-Month Low as Oil Drop Offsets Inflation
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The Bovespa stock index held near a five-month low as declines in oil producers offset economists’ reduced forecasts for Brazilian inflation.
Lojas Renner SA, Brazil’s biggest publicly traded clothing retailer, and Souza Cruz SA, Brazil’s biggest tobacco company, advanced as traders pared bets for higher borrowing costs, boosting the outlook for companies that benefit from domestic demand. Petroleo Brasileiro SA, Brazil’s state-controlled crude producer, and OGX Petroleo & Gas Participacoes SA, the oil company controlled by billionaire Eike Batista, slumped as fuel prices declined in New York.