Francisco Soares, a 32-year-old Brasilia electrician, felt good about life two years ago when he started commuting in his first car, blasting the music and passing packed buses. Since then, bills started piling up, the cost of living jumped and last week he had to sell his wheels.
As many as 20,000 Brazilians are expected to march in Sao Paulo today in what organizers vow will be the biggest yet in a wave of protests to rock Latin America’s largest economy in little more than a week.
Arezzo Industria & Comercio SA, whose shoes are sold in Bloomingdale’s Inc. and Bergdorf Goodman Inc. stores, is looking outside Brazil to help sustain revenue growth that’s five times the global industry’s average.
Most Brazilian stocks fell as Lojas Americanas SA led retailers lower amid speculation policy makers will step up the pace of interest rate increases. The Ibovespa closed little changed as a rally in commodity producers erased earlier losses in the index.
Cia. Energetica de Minas Gerais, Brazil’s second-biggest power utility, fell after Itau BBA cut its recommendation on concern earnings will suffer as hydroplant contracts expire and regulators deny rate requests.