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Ibovespa, the benchmark stock index in Brazil, closed down by 0.16%, to 85,469.08 points, amid increasing risk aversion in the face of the rising yields of the 10-year Treasuries, which broke the 3% barrier for the first time since 2014. In the geopolitical arena, the uncertainty of Donald Trump's course of action regarding the nuclear deal with Iran increased the risk aversion.
"Ten-year Treasuries have reached 3 percent, which means that the risk-free rates across the market have risen, attracting capital in general and helping to bring down stock markets here. That is the main reason for the fall," said Eduardo Guimaries, an analyst at Levante brokerage.
According to Rafael Passos, an analyst at Guide Investimentos, specific movements in the domestic market offset the downward trend, such as the wait for Vale's quarterly results.
Vale's shares had the second bigger trading volume of the Ibovespa and rose 1.7% amid expectations with the miner's first quarter of 2018 results, as well as the increase in iron ore abroad. Petrobras' shares fell 0.35%, tracking oil prices.
Qualicorp (+5.16%), Cosan (+4.62%), and Cielo (+3.2%) rose, while Ultrapar (-3.78%), Cesp (-3.28%), and Klabin (-3.21%) fell.
Meanwhile, the locally traded U.S. dollar rose 0.49%, quoted at R$ 3.47 - the highest level since December 2016 - after the projected interest rates on 10-year U.S. Treasuries exceed 3% for the first time since 2014.
