The Ibovespa closed 0.4% lower at 185,819 on Wednesday, as losses in heavyweight mining stocks outweighed strength in energy shares. Vale tumbled 3.7%, pressuring the index, while Petrobras rose 0.8%, helping limit the downside as oil prices surged. Elsewhere, Embraer gained 1.2% following aircraft deliveries. Among other blue chips, banks were mixed, with Banco do Brasil and Santander posting gains, while Bradesco declined. On the macro front, the latest Focus survey showed 2026 inflation expectations near 3.97%, while projections for the Selic rate at the end of 2026 remained around 12.25%, keeping investor attention on the pace and magnitude of monetary easing by the BCB.