The Ibovespa fell more than 0.5% on Monday, slipping below the 173,000 mark, as investors awaited a public hearing in Washington on the US trade investigation into Brazil and the potential imposition of additional tariffs on Brazilian products. The hearing will consider a 25% tariff on Brazilian goods following an investigation into the country’s trade practices, with the USTR stating it had identified what it called “unreasonable” practices.
Exporters led the decline: Vale dropped 0.7%, Petrobras lost 1%, and Minerva slipped 0.6%. Petrobras also came under pressure from lower oil prices after OPEC+ agreed to increase its production target starting in August, while shipping through the Strait of Hormuz continued to normalize. Other notable losers included Bradesco (-2.6%), Ambev (-2.6%), WEG (-1.0%), and Rede D'Or (-1.6%).
