FX.co ★ Ibovespa Dips on Weak Activity Data and Blue-Chip Losses

On Thursday, the Ibovespa index edged down by 0.3%, closing below the 142,500 mark, primarily due to losses among leading blue-chip stocks. Notable declines were observed in Petrobras, Vale, Banco do Brasil, and Santander Brasil, with each registering a dip of approximately 0.5%. Centrais Elétricas Brasileiras saw a larger decline, falling over 1% after experiencing a rally of more than 2% in the prior session. The market sentiment took a hit from lackluster economic data as well. The central bank's IBC-Br index, an important indicator of GDP growth, recorded a modest increase of only 0.4% in August compared to July, falling short of the anticipated 0.6% rise. This data spotlighted a slowdown in both the industrial and service sectors and a significant drop in the agricultural sector, hinting at a less optimistic growth forecast. On a positive note, WEG's shares rose by 1.7%, following the signing of binding agreements to acquire a 54% stake in Tupinambá Energia for R$38 million. Tupinambá Energia is noted for operating the Tupi app, a major electric mobility platform in Brazil, which connects over 370,000 users to charging networks nationwide.