Ibovespa Falls From Four-Year High as Valuations Seen Expensive
- Economic data show Brazil’s expected recovery hasn’t started
- Meatpackers Marfrig, JBS drop as the real strengthens
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The Ibovespa fell from its highest level in four years as disappointing economic data spurred concern that stocks are overvalued amid Brazil’s worst recession in a century.
Lenders Itau Unibanco Holding SA and Banco Bradesco SA were among the biggest contributors to the benchmark equity index’s decline. Companies that depend on revenue from abroad, including meatpackers Marfrig Global Foods SA and JBS SA, declined as the real appreciated for a third consecutive day.