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The Ibovespa slipped below the 170,000 mark on Tuesday, mirroring a broader risk-off tone as a selloff in technology shares pressured global markets. Losses were widespread and led by Vale, which dropped 2.2%. The move came after Vale’s board unanimously approved convening a shareholders’ meeting for July 22 to vote on the removal of Chairman Daniel Stieler, following a request from its largest shareholder, Previ, and intensifying an internal dispute over the role.
Utilities also traded lower, with Axia and Sabesp each down around 1%. Major banks retreated after minutes from the latest Banco Central do Brasil meeting indicated that policymakers view Selic rate trajectories closer to market expectations as more appropriate. On Monday, the BCB’s Focus survey showed the year-end Selic forecast rising from 13.75% to 14.00%. Bradesco and Itaú both shed more than 0.5%.
Among other notable laggards were Petrobras (-0.6%), WEG (-1%), and Embraer (-1%).
