The Ibovespa fell 0.8% to close at 160,870 on Monday, even as a relief reaction to the Venezuela operation steered investor attention back toward growth and commodities, lifting global prices and supporting miners. Vale gained 1.1% as Chinese steelmakers increased iron ore purchases ahead of the Lunar New Year, pushing benchmarks higher and aiding related names. Precious metals also rose on the geopolitical shock, improving sentiment across the mining sector. Oil prices firmed on the same headlines, offering some support to energy linked stocks despite stock specific weakness in several domestic producers. Beyond commodities, a parallel rally in US equities improved global risk appetite and helped sustain flows into Brazilian assets as investors judged the event unlikely to trigger a prolonged regional shock. Locally, record low unemployment has reinforced expectations of resilient consumption and investment, supporting cyclicals and banks.