Ibovespa falls 0.9% to close at 185,629 amid political and inflation fears
The Ibovespa fell 0.9% to close at 185,629 on Wednesday, as renewed political risks in Brazil and escalating Middle East hostilities lifted oil prices and inflamed inflation fears. Supreme Court Justice Flávio Dino ordered the reinstatement of Federal Police chief Andrei Rodrigues, following an earlier removal. Major banks and utilities posted losses, while Petrobras rose 0.7%.
9% to close at 185,629 on Wednesday amid renewed political risks in Brazil and escalating Middle East hostilities. Supreme Court Justice Flávio Dino ordered the reinstatement of Federal Police chief Andrei Rodrigues, granting an emergency request a day after Justice André Mendonça mandated his removal. Mendonça, who is overseeing a sprawling fraud investigation into failed lender Banco Master, had accused the Federal Police of illegally surveilling him and other public officials. The crisis reflects Brazil’s wider political polarization ahead of the October presidential election.
Meanwhile, intensifying Middle East hostilities pushed oil prices higher, rekindling inflation fears. 4%. 9%. 5%) also weighed on the index.
7% on higher oil prices.