The Brazilian stock market faced its fourth consecutive day of decline on October 22, 2024, with the Ibovespa index dropping by 0.31% to 129,951.37 points, marking a loss of 410.19 points. The US dollar slightly strengthened against the Brazilian real, closing at R$ 5.6973 ($1.02).
Wall Street’s stability influenced the Brazilian market downturn, with the S&P 500 decreasing by 0.05% and the Dow Jones Industrial Average falling by 0.02%. Concerns about Brazil’s fiscal situation persisted, impacting investor sentiment.
Despite the overall market decline, some stocks experienced significant movements. Sequoia Logística shares surged over 40%, while Hypera’s stock price rose by 7.45% amid merger talks with EMS. Vale closed with a slight gain, softening the market decline, but Petrobras shares fell by 0.39%.
Market Update
Itaú Unibanco saw a slight increase while Banco do Brasil and retailers like Magazine Luiza faced losses. Brazil’s Finance Minister expressed optimism about fiscal convergence, but economists and the IMF remain cautious about the country’s future.
As market volatility continues, investors will monitor corporate earnings, economic data, and political events, including the US elections and the upcoming Federal Reserve meeting in November.