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Brazil stocks down on U.S. jobs data, real firms

Sat Nov 7, 2009 2:55am IST
 
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SAO PAULO, Nov 6 (Reuters) - Brazilian stocks posted their first loss in four sessions on Friday as investors, worried by weaker-than-expected U.S. jobs data, showed little appetite for risk.

The benchmark Bovespa index .BVSP declined 0.54 percent to 64,466.13, nonetheless off the day's lows, when the index dipped as much as 1.9 percent.

U.S. employers cut a deeper-than-expected 190,000 jobs in October, driving the country's unemployment rate to the highest since April 1983. [ID:nN04495174]

"The figures were really bad and dragged down the market," said Luiz Roberto Monteiro, financial adviser at the Souza Barros brokerage.

But shares rallied later in the day on a combination of factors, said Alessandra Ribeiro, an economist with Tendencias consultancy in Sao Paulo.

Continuing expectations of growth in Brazil over the coming year have drawn investors to the country, she noted.

In addition, she said, China is slated to release several economic indicators next week, including retail sales and industrial output. Investors could be anticipating strong showings from those numbers, too.

Brazil's currency, the real (BRBY: Quote, Profile, Research), firmed 0.17 percent to 1.719 per dollar.  Continued...

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