Bovespa futures fell, a sign the stock gauge may fall for a second day, as economists covering Brazil increased forecasts for 2013 inflation, spurring concern higher prices will erode consumer purchasing power.
Consumer prices in Brazil will increase 5.5 percent next year, up from an estimate of 5.2 percent the previous week, according to the median forecast in a March 9 central bank survey of about 100 economists published today.
Bovespa-index futures dropped 0.6 percent to 66,800 at 9:46 a.m. in Sao Paulo. The scheduled 9 a.m. start of trading was delayed for 40 minutes because of “MarketData” problems, BM&FBovespa said in a statement.
“The survey continues to show markets are uncertain about the central bank’s ability to fight inflation over the coming years,” Italo Lombardi, a New York-based economist for Latin America at Standard Chartered Bank, wrote in an e-mail to clients today.
To contact the reporter on this story: Ney Hayashi in Sao Paulo at firstname.lastname@example.org
To contact the editor responsible for this story: David Papadopoulos in New York at email@example.com