The Ibovespa closed 0.3% lower at 144,085 on Tuesday, pulled down by large cap weakness as Petrobras fell 1.1%, Ambev 1.6%, Banco do Brasil 1.5% and B3 2.5%. Petrobras retreated after oil softened and investors parsed a gasoline price adjustment that was smaller than the market expected, denting near term margin hopes. Ambev sold off on softer domestic consumption data and profit taking in consumer staples. Banco do Brasil underperformed as renewed fiscal uncertainty after the expiry of MP 1303 and ongoing, fraught budget negotiations raised the prospect of tax or spending moves that could pressure banks’ funding and asset quality. B3 lagged as trading volumes cooled following an AWS outage and as investors rotated out of exchange exposure into less cyclical names.