Brazil: Ibovespa Slips as Global Tech Selloff Weighs.

The Ibovespa edged lower to trade below the 170,000 mark on Tuesday, tracking a broader risk-off mood as a selloff in technology stocks weighed on global markets. Losses were broad-based, led by Vale, which fell 2.2%. Vale’s board unanimously approved the call for a shareholders’ meeting on July 22 to vote on the removal of its chairman, Daniel Stieler, following a request from the miner’s largest shareholder, Previ, triggering an internal dispute over the position. Utility stocks also moved lower, with Axia and Sabesp down around 1%. Major banks declined after minutes from the latest Banco Central do Brasil meeting showed policymakers see Selic paths closer to market expectations as more appropriate. On Monday, the BCB’s Focus survey showed the year-end Selic forecast rising from 13.75% to 14.00%. Bradesco and Itau both lost more than 0.5%. Other notable laggards included Petrobras (-0.6%), WEG (-1%), and Embraer (-1%).