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The Ibovespa slipped 0.4% on Wednesday to close at 170,507 points, pressured by declines in commodity-linked and banking stocks. Petrobras was among the main drags, falling 2.6% as oil prices retreated on indications that more tankers were transiting the Strait of Hormuz amid progress in US-Iran negotiations. Vale dropped 2.1% amid an internal dispute over the company’s chairmanship. Major banks also finished lower after Citigroup cut target prices for several Brazilian lenders, adopting a more cautious view of the sector in light of a weakening macroeconomic environment and mounting pressure on asset quality, particularly in consumer credit and agribusiness. Bradesco fell 1.1%, while Banco do Brasil declined 0.6%. On the upside, WEG advanced 2% as it accelerated the expansion of its Rugao facility in China. Embraer rose 1.5% on renewed speculation about a potential sale of the C-390 Millennium to Morocco.
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