Bovespa Falls 1.65% to 165,153.88 Points Ahead of Copom Decision
Published on 11/03/2026 at 18:43 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSBrazilian stocks remain under pressure
- The Ibovespa was down 1.65% at 165,153.88 points around 14:00 BRT on November 3.
- Investors were weighing fiscal uncertainty, Petrobras-related pressure and expectations for the Copom decision.
- The Focus survey raised its year-end 2026 Selic forecast to 13.50% and lowered GDP growth expectations to 1.76%.
Brazil's Ibovespa remained under pressure on Tuesday, November 3, as trading resumed after the Finados holiday. Around 14:00 Brasilia time, the benchmark was down 1.65% at 165,153.88 points, according to Forbes Money. The reading was 2,767.92 points below Friday's close of 167,921.80 cited in the Bovespa topic coverage, equivalent to a 1.65% decline.
Fiscal uncertainty weighs on sentiment
Forbes Money reported that the market was focused on uncertainty about the economic policy of President Luiz Inacio Lula da Silva's next term, including the still-unclear composition of the economic team. The report quoted Daniel Teles of Valor Investimentos as linking the pressure to expectations for the next meeting of the Central Bank's Monetary Policy Committee, or Copom.
Petrobras was also identified as a source of pressure on the index in market coverage. The combination of domestic political uncertainty and weaker expectations for the path of interest rates has kept risk appetite fragile after the Ibovespa recorded five consecutive declines through Friday.
Focus survey shifts rate expectations
The Central Bank's latest Focus survey added to the market's caution. As reported by Forbes Money and Money Times, the median forecast for the Selic at the end of 2026 rose from 13.25% to 13.50%. The projection for the end of 2027 increased from 11.75% to 12.50%, while the 2026 inflation forecast rose from 5.19% to 5.22% and the GDP growth estimate fell from 1.80% to 1.76%.
The Copom began its two-day meeting on Tuesday, with the interest-rate decision scheduled for Wednesday, November 4. The Selic currently stands at 13.75% per year. The market's focus is not limited to the decision itself: investors are also watching the accompanying communication for indications of how the central bank assesses inflation, fiscal risks and the scope for future rate moves.
Market remains sensitive to policy signals
The intraday decline extends the sharp repricing that followed Brazil's presidential election and the deterioration in expectations for inflation, the currency and interest rates. For investors, the next meaningful catalysts are the Copom decision and its guidance, alongside further signals on the government's economic team and fiscal framework. The Ibovespa's direction may remain sensitive to those developments, but the intraday move alone does not establish a causal link to any single announcement.
Further Bovespa coverage is available on the Bovespa topic page.
