Brazil’s Ibovespa index was slightly lower on Tuesday, consistent with the slight drop from the previous session as gains for resource-linked giants were not enough to offset broad-based losses in other sectors of the exchange. Banks moved lower, extending losses from the previous session with Bradesco, Banco do Brasil, and Itausa dropping between 0.5% and 1%. Markets continued to expect the Brazilian central bank to holds its key policy rate unchanged at its recent peak, capping an immediate push in credit activity. In turn, Petrobras shares were around 0.7% higher amid another session of increases for crude oil benchmarks. Additionally, Vale stocks were over 0.5% higher after Capital World Investors increased its stake in the mining giant, lifting its share to over 5%.
