Brazilian Stocks Decline as Inflation Outweighs Steelmaker Rally
- Renner falls as quarterly earnings trailed analysts' estimates
- Gerdau, CSN extend gains on speculation China to cut output
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Brazil’s benchmark stock index fell for the first time in three days, trimming a weekly gain, as concern that inflation is eroding many of the gains the middle class made during the boom years of the past decade offset a rally in steelmakers.
Credit-card processor Cielo SA contributed most to the gauge’s decline after an inflation report showed consumer price increases unexpectedly quickened to the fastest in 12 years. Retailer Lojas Renner SA fell the most since October after earnings trailed analysts’ estimates. Steelmakers Gerdau SA, Metalurgica Gerdau SA and Cia. Siderurgica Nacional advanced on prospects China will cut its output, reducing a global gut.