Ibovespa Futures Fall as Commodities Drop Before U.S. Growth Dat

Brazil’s Ibovespa futures fell, signaling the gauge may trim a weekly gain, as commodities declined before a report on the pace of the recovery in the U.S., Brazil’s second-biggest trading partner.

Lender Banco do Brasil SA may be active after selling shares of BB Seguridade Participacoes SA, its insurance unit, in the world’s biggest initial public offering this year. Air carrier Gol Linhas Aereas Inteligentes SA may move after raising as much as 1.13 billion reais ($564 million) in an IPO of Smiles SA, its frequent-flier subsidiary.

Ibovespa futures contracts expiring in June dropped 0.2 percent to 54,870 at 9:03 a.m. in Sao Paulo. The real weakened 0.2 percent to 2.0043 per dollar. The Standard & Poor’s GSCI index of 24 raw materials retreated 0.4 percent.

The U.S. economy probably grew 3 percent in the first quarter after expanding 0.4 percent in the final three months of 2012, economists in a Bloomberg survey said before a Commerce Department report today. Imports and exports with the U.S. account for 13 percent of Brazil’s total international commerce, according to data compiled by the government.

The Ibovespa has retreated 13 percent from this year’s peak on Jan. 3 amid concern accelerating inflation may curb Brazil’s economic recovery and the government’s interventionist policies will hurt profits in industries including utilities and energy. The MSCI BRIC Index of shares in Brazil, Russia, India and China has lost 7 percent over the same period.

Brazil’s benchmark equity gauge trades at 11.2 times analysts’ earnings estimates for the next four quarters, compared with 10.5 for the MSCI Emerging Markets Index of 21 developing nations’ equities, data compiled by Bloomberg show.

Trading volume for stocks in Sao Paulo was 7.32 billion reais yesterday, compared with a daily average of 7.67 billion reais this year, according to data compiled by the exchange.

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