Bovespa Posts Weekly Decline as Banks Fall on Loan Tax Increase

Brazil’s Bovespa stock index posted its first weekly decline in a month as banks fell after policy makers doubled a tax on consumer loans to try to curb inflation.

Banco Santander Brasil SA, the Brazilian unit of Spain’s biggest bank, led the drop in financial shares. Cosan SA Industria e Comercio fell after Bank of America Corp. cut the stock to “neutral.” Homebuilder Rossi Residencial SA rose after the government excluded mortgages from the tax.