Ibovespa Leads World Losses as Swaps Show Higher Interest Rates
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The Ibovespa led losses among global major benchmarks and swap rates indicated Brazil’s central bank will raise borrowing costs three more times this year, imperiling an economy forecast to contract the most since 1990.
The stock gauge fell for the first time in three days as traders projected interest rates will climb to the highest level since 2006. Swap rates on the contract maturing January 2017 rose to a four-week high before the announcement of the decision on interest rates Wednesday. The nation’s currency dropped.