Ibovespa Slips as Global Tech Selloff Weighs

The Ibovespa edged lower to trade below the 170,000 mark on Tuesday, tracking a broader risk-off mood as a selloff in technology stocks weighed on global markets. Losses were broad-based, led by Vale, which fell 2.2%. Vale’s board unanimously approved the call for a shareholders’ meeting on July 22 to vote on the removal of its chairman, Daniel Stieler, following a request from the miner’s largest shareholder, Previ, triggering an internal dispute over the position. Utility stocks also moved lower, with Axia and Sabesp down around 1%. Major banks declined after minutes from the latest Banco Central do Brasil meeting showed policymakers see Selic paths closer to market expectations as more appropriate. On Monday, the BCB’s Focus survey showed the year-end Selic forecast rising from 13.75% to 14.00%. Bradesco and Itaú both lost more than 0.5%. Other notable laggards included Petrobras (-0.6%), WEG (-1%), and Embraer (-1%).

The Ibovespa rose 1.2% to close at 170,370 on Monday as progress in peace talks between the US and Iran boosted market sentiment. US Vice President JD Vance and Iran’s Foreign Minister took part in negotiations in Switzerland, with mediators from Qatar and Pakistan reporting encouraging progress, including the establishment of a framework for future technical talks. Both sides agreed on a roadmap to reach a final agreement within 60 days. Oil prices declined, pushing bond yields lower and easing concerns over energy-driven inflation. Major banks led gains, with Itaú up 2.7% and Bradesco rising 1.8%. Utilities also advanced, with Axia up 2% and Sabesp gaining 3.5%. Petrobras rose 0.9% despite lower oil prices, supported by the payment of its latest interest on equity installment and the signing of a memorandum of understanding with Pemex. Retailers also contributed to gains, with Azzas surging 10.3% after presenting alternatives for Farm.

The Ibovespa rose 1% to trade above the 170,000 mark on Monday as lower oil prices supported risk appetite. Oil prices fell after US and Iranian officials concluded their first round of talks in Switzerland, easing concerns over energy-driven inflation pressures. Major banks led gains, with Itaú and Bradesco up nearly 2%, while Banco do Brasil gained 1%. Utility stocks also moved higher, with Axia and Sabesp adding around 1%. In contrast, Petrobras edged lower as oil prices declined. Meanwhile, the latest BCB Focus survey showed higher expectations for the Selic rate and inflation in 2026. Investors also assessed a new Datafolha survey showing President Lula leading in a hypothetical second-round presidential race.