The Ibovespa fell nearly 1% to trade below 188,000 on Tuesday as investors awaited earnings reports while monitoring inflation data and rising oil prices. Vale and WEG, both down 1%, are scheduled to report earnings today and tomorrow respectively. On the data front, mid-month inflation rose to 4.4% in April from 3.9% in March. With the Strait of Hormuz effectively closed, fears of an energy shock sparking global inflation persist. Although the central bank is expected to cut interest rates on Wednesday, investors worry that energy-driven stagflation could force a more hawkish stance later this year. Banks traded lower, with Ita