FX.co ★ Ibovespa Slips After Copom Minutes

The Ibovespa slipped below 172,000 on Tuesday after the release of July inflation data and the minutes from Copom’s latest meeting. Brazil’s annual inflation rate slowed to 4.44% in July 2026 from 4.64% in June, matching market expectations and moving back within the central bank’s 1.5%-4.5% target range. In its minutes, the monetary authority noted that, while current policy is playing a decisive role in the disinflation process, inflation is still being driven by robust demand, justifying the need to maintain a restrictive stance. Financial stocks traded mostly lower, with Caixa extending losses to nearly 3% after posting a 0.2% quarter-on-quarter drop in adjusted net income and a 0.8% year-on-year decline in financial income. BTG fell more than 2% despite reporting its best first half on record. B3, down 0.3%, is due to publish its results later today. Petrobras slipped almost 0.5% as the recent oil rally faded, while Vale gained more than 0.5% supported by higher iron ore prices amid signs of tightening supply.