The Bovespa (IBOV) index rose, paring a fifth weekly drop, as waning inflation concern in Brazil prompted traders to step up bets on interest-rate cuts, bolstering the outlook for companies that sell in the local market.
Homebuilder PDG Realty SA Empreendimentos & Participacoes contributed the most to the gauge’s advance as yields on interest-rate futures contracts dropped. Cia. Brasileira de Distribuicao Grupo Pao de Acucar, Brazil’s biggest retailer, rebounded from a three-month low after Goldman Sachs Group Inc. raised its recommendation to the equivalent of hold.
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Cash rates steady, await OMO
Overnight cash rates at 7.25/7.30 percent versus Thursday's close of 7.20/7.30 percent.
Dealers will wait to see whether the RBI announces an OMO next week after the last one on May 5.