Pursuits
Bovespa Declines as Brazilian Corporate Earnings Trail Estimates
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The Bovespa index fell the most among major stock indexes in the Americas as Brazilian corporate earnings in the second quarter trailed analysts’ estimates, overshadowing positive economic reports in Germany and the U.S.
Vale SA, the world’s largest iron-ore producer, contributed the most to the decline after Bank of America Corp. cut its rating on the stock to hold from buy. Air carrier Gol Linhas Aereas Inteligentes SA fell the most in a year after saying its quarterly loss doubled. Of 47 companies on the Bovespa that have reported second-quarter profit, at least 27 posted results that missed analysts’ estimates.