Brazil's Ibovespa inched down to remain below the 165,000 threshold on Monday, a second session in the red since hitting record highs last week and tracking a general pullback in global equities after the US threatened major trading partners with fresh tariffs. Consumer discretionary stocks led the losses, tracking the poor momentum for the sector in other major exchanges after US President Trump stated tariffs would be imposed on major European economies if they refrain from facilitating the sale of Greenland to the US. Ambev fell 1%, while Natura lost 3.5%. In the meantime, Vale lost 1% after China received iron ore shipments from the Simandou mine in Guinea, potentially diluting Vale's market share this year. In the meantime, the central bank's Focus survey refrained from showing significant deviations in how the market sees inflation developing this year.