Ibovespa Futures Decline as Investors Await Ibope Election PollDenyse Godoy
Ibovespa futures fell on speculation that a voter poll will show rising support for President Dilma Rousseff’s re-election bid.
Usinas Siderurgicas de Minas Gerais SA may be active as Citigroup Inc. cut its earnings estimates for the steelmaker. Supermarket chain Cia. Brasileira de Distribuicao may move as a gauge of Brazil’s economic activity exceeded estimates in July.
Ibovespa futures contracts due in October dropped 1.4 percent to 58,025 at 9:16 a.m. in Sao Paulo. Brazil’s benchmark equity index has jumped 30 percent from this year’s low in March on speculation a new government will act to bolster economic growth and reduce intervention.
Brazil’s CNI industrial confederation is due to release an Ibope poll at 10 a.m. local time. Opposition candidate Marina Silva lost her lead in a Datafolha survey published this week that showed a runoff against Rousseff is too close to call.
The seasonally adjusted economic index, a proxy for gross domestic product, rose 1.50 percent in July from the prior month after contracting a revised 1.51 percent in June, the central bank said today in a report posted on its website. The median estimate from 30 economists surveyed by Bloomberg was for a 1 percent expansion.
Trading volume of equities in Sao Paulo was 6.1 billion reais yesterday, according to the exchange. That compares with a daily average of 6.7 billion reais this year.