Ibovespa falls under 130000 points amid Wall Street impact

The Brazilian stock market faced pressure from Wall Street, keeping the Ibovespa index below 130,000 points for two consecutive sessions. However, IRB Re (IRBR3) shares surged by 12%, bucking the trend. The Ibovespa closed at 129,233.11 points on October 23, down by 0.55%. This decline was influenced by Wall Street’s negative tone and falling commodity prices, with the US dollar closing at R$ 5.6928.

Finance Minister Fernando Haddad emphasized the need to strengthen Brazil’s fiscal framework during a G20 ministers’ meeting. Haddad’s comments came in response to concerns about Brazil’s fiscal management. Retail giant Carrefour (CRFB3) announced plans to sell stores, while IRB Re reported positive operational results. On the downside, Hypera (HYPE3) saw recent gains reversed.

Wall Street saw a decline, with rising U.S. Treasury yields and the CBOE Volatility Index (VIX) increasing. The Federal Reserve’s Beige Book highlighted stable U.S. economic activity. As investors brace for volatility ahead of the U.S. election, stock markets are expected to be turbulent.