FX.co ★ Brazilian Equities Trade Mixed

The Ibovespa fluctuated between gains and losses around the 168,500 level on Monday, as oil prices pulled back from earlier highs. The rally in crude lost momentum after signs emerged that the weekend strikes between Iran and Israel were unlikely to spark a broader escalation of the conflict.

Banking stocks helped support the index, with Itaú advancing 0.5% and Bradesco adding 0.3%. WEG climbed 3%, overcoming concerns about potential US tariffs after BTG Pactual reiterated its buy recommendation on the stock. Petrobras also rose nearly 1%, tracking the more moderate increase in crude prices. In contrast, Vale slipped around 1%, weighed down by weaker iron ore prices.

In the protein sector, meatpackers came under pressure after the European Union removed Brazil from the list of countries authorized to export certain animal products, citing shortcomings in controls over antimicrobial use in livestock. Minerva and JBS each fell more than 2%, while Marfrig dropped close to 3%.