Ibovespa Extends Losses
Ibovespa sheds 0.2% to 167,491 on uncertainty over Middle East energy supplies
The Ibovespa shed 0.2% to close at 167,491 on Wednesday, extending the previous session’s 2.5% drop that pushed the index to a seven-month low.
Uncertainty over the return of energy supplies from the Middle East maintained inflationary concerns.
Financials were mostly lower, with Itaú losing 1.5%.
B3 fell 0.3% after reporting a 15.5% year-on-year increase in expenses.
Banco do Brasil added 0.8% ahead of its earnings report due after the bell.
Vale shed 1.6% as iron ore prices declined, while CSN rose 0.9% ahead of its earnings.
Petrobras fell 0.5% as oil prices turned lower.
Rede D’Or (-2%) and Sabesp (+0.5%) are scheduled to release results after the close.
JPMorgan downgraded Brazilian equities to neutral within Latin America on Tuesday, citing weaker growth, deteriorating credit conditions, higher-for-longer rates, and increased volatility ahead of the presidential election.
The bank also lowered its year-end Ibovespa target.