The Ibovespa fell 1.1% to close at 143,950 on Thursday, the third consecutive session as sharp losses in banks, energy and utilities and major retailers weighed on the index while markets digested a new tax bill and its implications for spending and interest rates. State-owned Petrobras slipped 1.5% amid another pullback in oil and gasoline prices, with benchmarks for refined fuels sliding to multi-year lows on ample supply and softer global demand. Utilities fell too, with Eletrobras and Sabesp down about 1.0% and 2.6% respectively. Politically, Congress approved a bill exempting individuals earning up to R$5,000 per month from income tax; the measure now awaits Senate review and the president’s signature. Banks and retailers retreated as rate futures moved higher, even after the bill’s sponsor said the cost would be offset by higher taxes on the wealthy and FX purchases.