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IBOVESPA Nearing YTD Lows

BRAZIL
  • Sizeable downtick in Brazilian equities following the open, with the IBOVESPA now trading at the lowest levels since January, responding to both the global stock weakness that followed the Fed rate decision yesterday as well as BCB decision, at which the bank raised the SELIC rate by 100bps and opened the door to further tightening at the next rate-setting meeting in June.
  • Today's price action puts the index further in correction territory off the early April high, opening losses toward the January / November lows at 101,000 and 100,000.
  • Weakness through here would put Brazilian equities near bear market territory and the lowest levels since late 2020.
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