Economics
Ibovespa Falls as Fibria Sinks on Weaker-Than-Forecast U.S. GDP
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The Ibovespa fell, trimming a weekly gain, as pulp maker Fibria Celulose SA led commodities producers lower after a report that showed slower-than-forecast U.S. growth dimmed the outlook for Brazilian exports.
Vale SA, the world’s biggest iron-ore mining company, contributed the most to the benchmark’s decline. Steelmaker Usinas Siderurgicas de Minas Gerais SA dropped after profit trailed analysts’ estimates. OGX Petroleo & Gas Participacoes, billionaire Eike Batista’s oil company, surged as investors bought shares to cover short positions.