The Ibovespa retreated from a three-week high as traders increased bets on higher borrowing costs in Brazil, pushing consumer stocks lower.
Consumer-health products manufacturer Hypermarcas SA (HYPE3) and brewer Ambev SA (ABEV3) led losses by companies that sell in the local market. The MSCI Brazil/Consumer Staples Index fell toward a two-year low. Usinas Siderurgicas de Minas Gerais SA, the steelmaker known as Usiminas, followed metals higher.
The Ibovespa sank 0.3 percent to 48,333.88 at 11:01 a.m. in Sao Paulo, with 28 stocks rising and 43 dropping. The real depreciated 0.4 percent to 2.4103 per U.S. dollar. Swap rates climbed on speculation a weaker currency will fuel inflation.
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