The Ibovespa pared most of an early session slump to close 0.1% lower at 157,981 on Tuesday as the return of "Flavio Bolsonaro risk" rekindled political uncertainty and prompted profit taking, but buyers stepped back in through the afternoon as traders squared positions ahead of Wednesday’s Copom and Fed decisions. The pullback was led by major banks, with Santander and Bradesco shedding 2.1% and 1.0% respectively. On the upside Eletrobras rose 1.5% after approving a R$30 billion capital increase and a stock bonus issue, with the new shares to be distributed in proportion to holdings on the record date of December 19, 2025. Embraer also outperformed, jumping about 3.0% after approving R$79.7 million in JCP and interim dividends of R$80.0 million. Attention has now shifted to central bank guidance rather than fresh domestic data, as investors look for clues on the outlook for rates and fiscal stability.