FX.co ★ Ibovespa Eases from Record High

The Ibovespa index declined by approximately 0.3%, falling below the 139,500 mark on Tuesday. This dip reflected a pullback from its record highs, influenced by geopolitical tensions and domestic policy uncertainties that affected market sentiment. There was disappointment stemming from U.S. President Trump's failure to implement the tariff rollbacks promised on April 2nd, raising worries about extended trade disputes impacting significant Brazilian exporters. Furthermore, discussions about potential ceasefire negotiations between Moscow and Kyiv did little to alleviate global tensions, maintaining heightened risk aversion. On the domestic front, attention was focused on a meeting between Finance Minister Fernando Haddad and Central Bank President Gabriel Galípolo, as stakeholders anticipated insights on whether fiscal relief initiatives might limit credit availability or result in tighter funding conditions. Petrobras demonstrated modest gains after IBAMA approved its inspection plan for Foz do Amazonas, but uncertainty around licensing hindered broader gains in the energy sector. Additionally, agribusiness stocks took a hit due to suspected bird flu cases in major poultry regions, increasing the risk of new export restrictions.