Ibovespa Retreats from Record High
The Ibovespa index experienced a slight decline of 0.1%, closing at 46,237 on Tuesday. This occurred after it had reached record highs, as mounting concerns about a potential US government shutdown and weakened US markets reduced the appetite for risk assets. These factors also posed a threat to the timely release of critical economic data, thereby increasing uncertainty regarding global growth prospects. A drop in oil prices negatively impacted Petrobras, which saw a decline of 1.9%, subsequently affecting commodity-linked sectors. Domestically, the labor market remains robust with unemployment at 5.6% for the quarter ending in August. However, there is a noticeable slowdown in formal job creation, and multiple indicators suggest a deceleration in economic activity. Additionally, fiscal concerns were heightened as the Treasury increased its financing objectives and public debt rose. These developments intensified the focus on funding requirements and associated risk premiums.
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