The Ibovespa fell 0.9% to close at 136,687 on Wednesday as investors digested a government rescue package and a string of company-specific disappointments. The “Sovereign Brazil” measures, roughly R$30–35 billion of credit, expanded Reintegra refunds and strengthened guarantee funds, should blunt export losses but increase near-term fiscal commitments, prompting a repricing of discount rates and equity risk premia. Vale slid about 3.2% amid renewed legal and balance-sheet concerns tied to the 2015 Mariana dam disaster (Samarco’s judicial recovery converted roughly US$4.8bn of debt into some US$3.7bn of longer-term, unsecured obligations while international litigation continues). Heavyweights Petrobras (-0.5%), Ambev (-0.9%) and Eletrobras (-1.2%) also trimmed headline performance.