Ibovespa futures advanced, following the stock index's biggest one-day gain in one week, as Brazil's central bank signaled interest-rate increases that began in April may be close to an end.
Iron-ore producer Vale SA (VALE5) may be active after agreeing to pay 22.3 billion reais ($9.6 billion) to settle a tax dispute with Brazil over profits at its foreign units. Meatpacker Minerva SA may move after Russia lifted a ban on beef exports from one of its plants.
Ibovespa futures contracts expiring in December rose 0.8 percent to 52,300 at 9:16 a.m. in Sao Paulo. The real weakened 0.1 percent to 2.3323 per U.S. dollar. In a statement accompanying yesterday's decision to lift the benchmark lending rate for a sixth time this year, policy makers omitted language used in previous communiques to signal that additional increases were needed to curb inflation.
"The slight alteration to the Brazilian monetary policy committee's statement suggests that we are now nearing the end of the current tightening cycle," David Rees, an economist at Capital Economics Ltd. in London, wrote in a note to clients.
The central bank, led by President Alexandre Tombini, raised the Selic rate to 10 percent from 9.5 percent.
The Ibovespa entered a bull market Sept. 9 after rising 20 percent from this year's low on July 3 through that day. The gauge is still down 25 percent in dollar terms this year, compared with a decline of 4.2 percent for the MSCI Emerging Markets Index of 21 developing nations' equities.
Trading volume of stocks in Sao Paulo yesterday was 6.44 billion reais, compared with a daily average of 7.54 billion reais this year through that day, according to data available from the exchange.
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