Brazil: Ibovespa Falls as Iran Tensions Lift Oil Prices.

The Ibovespa fell nearly 1% to trade below 176,500 on Thursday as investors assessed renewed tensions between the US and Iran. Iranian leader Mojtaba Khamenei reportedly ordered that the country’s near weapons-grade uranium should not be shipped abroad, despite US President Donald Trump having assured Israeli allies that Iran’s enriched uranium stockpile would leave the country under any peace agreement. Oil prices rebounded, reviving concerns that a war-driven energy shock could lift inflation and keep interest rates elevated for longer. Banking shares traded lower, with Itau down more than 1% and Bradesco losing nearly 1%. Vale slipped close to 1% on weaker iron ore prices, while Petrobras gained over 1% alongside the oil rally. Meanwhile, Itau BBA downgraded Minerva (-5.6%) to “market perform” from “buy” and cut its target price, while Goldman Sachs upgraded Usiminas (+3%) to “buy,” naming it its top steel pick in Brazil.