Ibovespa Declines as Citigroup Lowers Brazilian Stocks to Sell
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The Ibovespa retreated after Citigroup Inc. lowered its recommendation on Brazilian stocks to the equivalent of sell, outweighing a rally in retailers as traders pared bets on interest-rate increases.
Iron-ore producer Vale SA contributed the most to the benchmark’s decline as prices for the steel-making ingredient fell for the first time in eight days. State-run oil producer Petroleo Brasileiro SA tumbled as crude dropped. B2W Cia. Digital led retailers higher as swap rates, a gauge of expectations for interest-rate moves, fell after a central bank survey showed economists cut growth forecasts.