FX.co ★ Ibovespa Dips on Commodity Stocks Losses

The Ibovespa fell for a second straight session on Thursday, slipping back below 191,000 points under pressure from heavyweight commodity stocks. Petrobras retreated close to 1%, weighed down by declining oil prices after Iran signaled flexibility in nuclear negotiations and amid speculation that OPEC+ could increase output. Vale dropped more than 1.5%, reflecting signs of subdued demand from China, one of its main buyers. WEG also declined, losing around 2% after JPMorgan cut its rating from overweight to neutral and revised its EPS forecasts downward. On the other hand, banks mostly advanced, supported by a stronger-than-expected deflation reading in the IGP-M index, which reinforced expectations of multiple interest rate cuts by the BCB this year and improved the sector’s credit outlook.