FX.co ★ Ibovespa Slips After Record Streak

On Thursday, the Ibovespa index declined by 0.6%, dropping below the 146,000 mark following a record high in the previous session. This downturn was largely due to widespread sector losses as investors evaluated a series of economic data. Both domestic and international bond yields saw increases, following a significant rise in mid-month domestic inflation and an upward revision of US GDP figures. This put pressure on major lenders listed in the index, with Itau, Bradesco, Banco do Brasil, BTG Pactual, and the Brazilian arm of Santander reflecting losses between 0.5% and 1.5%. Concurrently, Cosan declined by 0.6% after HSBC downgraded its rating to "moderate sell" due to disappointing earnings. Conversely, Petrobras remained steady, as declines in crude oil prices were balanced by progress in their final emergency spill drill preparations, bringing them closer to commencing drilling in the Foz do Amazonas basin. Meanwhile, Vale saw a 0.6% increase, buoyed by reports of a surge in their iron ore exports, even as lower steel prices globally impacted SCN and Gerdau, causing their shares to fall.