Ibovespa Falls for Eleventh Straight Session
Brazil’s Ibovespa fell 0.2% to 166,334 on Tuesday, extending losses to an eleventh straight session as elevated global bond yields and Middle East uncertainty pressured equities.
The Ibovespa fell 0.2% to close at 166,334 on Tuesday, erasing earlier gains to end its eleventh consecutive session of losses amid elevated global bond yields and uncertainty surrounding the Middle East conflict.
Global bond yields traded near multi-decade highs, as fading hopes for a peace deal between the US and Iran and rising energy costs rekindled inflation concerns.
Major banks closed lower, with Itaú shedding 0.5%, Bradesco losing 0.6% and Banco do Brasil retreating 0.8%.
Utilities also posted losses, with Axia down 0.6% after gaining earlier in the session on the results of its share buyback operation and a buy recommendation from Itaú BBA.
Steelmakers posted losses despite higher iron ore prices, with Gerdau down 2.3% and CSN losing 0.7%, while Vale edged 0.2% higher.
Petrobras gained 0.3% on higher oil prices.
WEG (+1%), Embraer (+0.8%) and Suzano (+1.4%) outperformed.