Ibovespa Halts Two-Day Slump as Bets for Higher Rates Evaporate
- Policy makers capitulate on inflation while Selic kept steady
- Lojas Renner climbs with consumer stocks as Itau jumps
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Brazil’s stocks rose for the first time in three days after the central bank signaled it won’t raise interest rates any time soon, bolstering prospects for companies that get most of their revenue from Latin America’s largest economy.
Retailer Lojas Renner SA climbed with consumer shares, while credit-card processor Cielo SA extended this year’s rally to 13 percent. Vale SA, the world’s largest iron-ore producer, advanced after a measure of profitability beat analysts’ estimates. Lender Itau Unibanco Holding SA contributed the most to the gain in the equity benchmark.