Standout Earnings Can’t Overcome Bearish View on Brazil’s Stocks
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Vale SA to Banco Bradesco SA’s earnings surprises weren’t able to lift the Ibovespa as traders expect Latin America’s largest economy to slow further.
The benchmark equity gauge led losses in the Americas after the central bank lifted interest rates for a seventh straight time even with the nation set for the worst recession in 25 years. While Brazil’s earnings season got off to a good start, with most companies beating analysts’ estimates, traders say the economic malaise is hindering stock gains.