The Ibovespa fell 1% to close near 183,364 on Friday, pulling back from recent highs as a sharp selloff in metals and a firmer dollar pressured heavyweight exporters and cyclicals, despite the index still posting strong gains for January of 13.8%. Vale slid 3.8% as iron ore prices weakened and investors reacted to fresh operational setbacks, while steelmakers such as CSN (-4.3%) and Gerdau (-1.4%) also declined, amplifying losses across materials. Financials added to the downside, with Banco do Brasil, Itaúsa, Bradesco and Santander Brasil all dropping over 1.5%, reflecting profit taking after a strong month and lingering caution over domestic growth. Petrobras was broadly flat despite oil stabilizing, offering little support to the index. Defensive pockets outperformed, with sanitation and utility names such as Sabesp, Sanepar and Compania Sanea posting gains. On the macro front, Brazil’s gross public debt eased to 78.7% of GDP in December and the primary balance posted a surplus.

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