The Ibovespa fell 0.5% to below 177,000 on Thursday after the BCB stated that it will be cautious to deliver more rate cuts. On Wednesday, the central bank lowered the Selic rate by 25 basis points to 14.0%. Still, the Copom said it will maintain an appropriate degree of monetary restraint to ensure inflation converges to target and highlighted elevated global uncertainty. Financial stocks were mostly lower, with BB Seguridade down nearly 1%. Bradesco also lost nearly 1% after reporting a tenth consecutive quarter of profit growth, as investors focused on weaker credit quality indicators. Itau extended gains by 1% following solid quaterly results. Axia rose over 1.5% after reporting a rebound in net profit. Petrobras gained near 1% ahead of its earnings release as oil prices rose.