FX.co ★ Ibovespa Retreats from September Highs

On Monday, the Ibovespa index declined by 1.2%, concluding the day at 133,491, pulling back from the peaks witnessed in September. This downturn was driven by declining commodity prices and renewed uncertainties surrounding trade policies, which affected investor sentiment. Among the notable decliners was Petrobras, which dropped 2.6% as oil prices decreased following OPEC+'s decision to expedite supply expansion. Other significant laggards included WEG, JBS, and Eletrobras, with losses of 4.2%, 3.2%, and 2.6%, respectively. Furthermore, the anticipation of another 50 basis points increase in the Selic rate during Wednesday’s Copom meeting put additional pressure on risk assets. Concerns were exacerbated by President Trump's unexpected decision to implement a 100% tariff on non-U.S. films, resurrecting fears of wider trade repercussions that could potentially weaken global demand for commodities.