The Ibovespa fell 1.2% on Thursday, closing at 173,825 points, after the United States announced a new 25% tariff on Brazilian imports, set to take effect on July 22. Shares of Vale declined 2.0%, and steelmakers also retreated, with Gerdau down 1.2% and CSN losing 2.7%.
At the same time, escalating tensions in the Middle East lifted oil prices on the back of supply concerns, stoking inflation fears. Rising bond yields added further pressure on financial stocks and the broader market: Itaú dropped 1.4%, Bradesco fell 1.0%, and Itaúsa also slipped 1.0%.
Utilities traded lower as well, with Axia down 1.4% and Sabesp off 2.3%. Other notable decliners included Petrobras, which slid 1.7%, and WEG, also down 1.7%.
