São Paulo, Brazil – Brazil’s Ibovespa stock index retreated on Monday, February 23, 2026, following a record-breaking close above 190,000 points on Friday, February 21, 2026. The benchmark index closed down 0.88% at 188,853.49 points, as global market uncertainty increased following new U.S. Tariff announcements.
The shift in market sentiment was triggered by former U.S. President Donald Trump’s announcement of a 15% increase in import tariffs on all foreign products. This followed a Supreme Court decision on Friday, February 20, 2026, overturning previously imposed tariffs, prompting Trump to unveil the new, broader levy of 10% on all incoming goods. The move has raised concerns about potential impacts on global economic growth.
“I believe the U.S. Supreme Court’s decision reinforces the perception of erratic economic policy from the world’s largest economy, with high unpredictability and significant risks to global growth,” said Bruno Perri, chief economist and founding partner at Forum Investimentos.
Despite the late-day decline, the Ibovespa had earlier reached an intraday high, surpassing 191,000 points. Gains were seen in Petrobras, boosted by rising oil prices, Vale, supported by an agreement regarding an iron ore hub in India, and Telefônica Brasil (VIVT3) following the release of its fourth-quarter 2025 earnings.
The Boletim Focus, a weekly report compiled by the Central Bank of Brazil, indicated a reduction in inflation and Selic rate expectations for 2026. The projected IPCA inflation rate now stands at 3.91%, down from 3.95% the previous week. Market forecasts for the basic interest rate (Selic) have similarly decreased to 12.13% by the end of the year, compared to 12.25% previously. More details on the Boletim Focus report are available here.
The Ibovespa fluctuated between an intraday high of 191,002.54 points and a low of 188,525.73 points on February 23, 2026. Trading volume on the B3 exchange reached R$ 31.8 billion. Further analysis of the Ibovespa and dollar performance can be found here.
On Tuesday, February 25, 2026, investors are anticipating the release of January banking loan data and the government’s primary surplus figures at 8:30 AM local time, as well as the weekly Foreign Exchange Flow data at 2:30 PM. This report provides additional context on the Ibovespa’s recent performance.
