Brazilian Stocks Extend Losses for 4th Session

The Ibovespa declined by 0.43% to close at 125,405 on Monday, driven by losses in major banks and diminished expectations of US Fed rate cuts.

Leading the downturn were significant drops in big banks, with Itau experiencing losses of 1.82%, followed by Banco Bradesco down 1.34%, and Banco do Brasil down 1.21%.

However, despite a decrease in oil benchmarks, Petrobras' shares managed to rise by 0.8%, while the iron ore mining giant Vale saw a gain of 0.84% as iron ore prices surged at the beginning of the week.

Furthermore, BRF shares surged by 10.34% after JP Morgan upgraded its recommendation to "overweight" for the food processing company.