FX.co ★ Ibovespa Retreats from Record High

The Ibovespa fell 0.2% on Tuesday, closing at 185,929 and retreating from recent highs as investors digested January inflation data and a heavy corporate earnings slate. Brazil’s IPCA advanced 4.44% year on year in January, up from 4.26% in December and broadly in line with forecasts, reinforcing caution about the pace of monetary easing.

Among index heavyweights, Petrobras gained 0.5% ahead of the release of its fourth-quarter and full-year 2025 production and sales figures, while Vale slipped modestly, in step with weaker steelmakers. Financials were mixed: Banco do Brasil and Bradesco recorded modest gains, whereas B3 declined.

On the earnings side, BB Seguridade rose nearly 3% after its results, while Motiva moved lower earlier in the session. Elsewhere, consumer and growth-oriented stocks underperformed, with Magazine Luiza, Lojas Renner, and CSN among the main laggards, reflecting their sensitivity to interest-rate expectations in the wake of firmer inflation data.