The Ibovespa fell 1.45% on Thursday, closing at 182,733 points, as higher-than-expected mid-month inflation data and escalating geopolitical tensions heightened risk aversion. Sentiment deteriorated after the IPCA-15 showed a 0.44% increase in March, driven by a 5.94% jump in airfares and continued pressure from food and personal expenses.
These domestic headwinds were compounded by a 5% surge in Brent crude prices after President Trump warned Iran to “get serious before it is too late,” undermining earlier hopes for a peace deal. The move in oil fed stagflation concerns and pushed Treasury yields higher, weighing on risk assets broadly.
Major banks came under heavy selling pressure: Banco do Brasil dropped 3.8%, Banco Santander declined 1.8%, and Itaúsa and Bradesco both lost more than 1%. Defensive and consumer names also struggled, with Sabesp down 2.7% and Natura sliding 5.1%.
In contrast, Petrobras advanced 2.4%, supported by higher oil prices, while Americanas surged 15.3% following developments in its judicial recovery process.