FX.co ★ Ibovespa Muted as Banks Trade Mixed

The Ibovespa was little changed around the 168,000 level on Friday as investors digested the suspension of talks between the United States and Iran. The negotiations, designed to address Iran’s nuclear program following a recently signed memorandum of understanding, were postponed after renewed tensions in the Middle East and the unexpected withdrawal of US Vice President JD Vance. At the same time, Iranian authorities responsible for overseeing the Strait of Hormuz announced that transit fees would be waived for 60 days under the agreement reached with Washington earlier this week. Investors also weighed the release of a new presidential poll. Banking shares were mixed: Santander Brasil inched higher after its parent company became Spain’s most valuable listed firm for the first time in eight years, while Itaú fell more than 0.5% and Bradesco posted slight gains. Petrobras retreated as oil prices hovered near their lowest levels since the onset of the US-Iran crisis, and Vale also edged lower, pressured by weaker iron ore prices.