The Ibovespa retreated nearly 1% on Tuesday, closing around the 185,000-point mark after the release of the minutes from Copom’s latest meeting. The committee reiterated that, while monetary policy is playing a decisive role in the disinflation process, price increases are still being underpinned by robust aggregate demand, making it necessary to keep monetary conditions restrictive. Policymakers also highlighted continued signs of moderation in economic activity.
In equities, major banks weighed on the index, with Itaú and Bradesco each losing close to 1.5%. Petrobras declined about 1% in response to lower oil prices. Other notable underperformers included Ambev and Rede D’Or, both down around 1%. On the other hand, Vale and Axia helped limit broader market losses: Vale advanced after confirming the acquisition of a 30% stake in Ligga, while Axia gained following the approval of a new redemption of Class C preferred shares. JBS rose roughly 0.5% after the company requested the cancellation of its public-company registration.
