The Ibovespa fell 0.5% to close at 156,993 on Monday as fresh data and a repricing of global rates underlined domestic fragility. The IBC-Br index fell 0.2% in September month on month, pointing to softer activity, while hawkish comments from several FOMC members trimmed the odds of a near term US cut and pushed up local yields, weighing on banks such as Santander and Bradesco which slid about 1%. Utilities underperformed with Axia down 2.6% and Sabesp off 3%. Ambipar dropped 3.5% after moving into judicial recovery and Raízen lost 2.3% after reporting a R$2.3 billion net loss for the second quarter of the 2025/26 harvest. Petrobras bucked the pullback rising 0.3%.

Ibovespa Pulls Back From Record Highs

The S&P/TSX Composite Index fell 0.8% to close at 30,076 on Monday as a tech swoon weighed on the market while investors parsed fresh Canadian and US economic indicators. Canada’s annual inflation eased to 2.2% in October while core measures the Bank of Canada watches held near 3% reinforcing the BoC view that the cut cycle is likely over. Tech mega cap Shopify led losses, tumbling 3.9%, followed by Constellation Software down 2.9% and other growth names under pressure. Financials and large miners also lagged, with BMO, Agnico Eagle, Brookfield, Manulife, and Wheaton Precious Metals each losing between 1.3% and 2.5%. With the US government shutdown ended, delayed US releases including the jobs report will resume this week and should help clarify the Fed outlook and frame near term market moves.

TSX Tumbles at Week's Start

US stocks opened the week sharply lower as investors braced for a busy slate of delayed economic releases and a key round of tech earnings, with the Dow plunging 1.1% while the S&P 500 and Nasdaq slid 0.8% and 0.7% respectively. The selloff was led by renewed weakness in big tech with Nvidia down 1.9% ahead of quarterly results due after the close on Wednesday a pivotal test of whether AI related valuations are sustainable and the move was amplified by broad selling across other large caps. At the same time risk pricing has shifted materially as Fed funds futures now imply roughly a 40-45% chance of a 25bp cut in December which is pushing traders to seek clarity from this week’s jobs and other delayed data releases. Alphabet (+3%) bucked the trend after Berkshire Hathaway disclosed a multibillion dollar stake in the company which underpinned its gains and highlighted selective bargain hunting amid the broader selloff.

US Stocks Start the Week Sharply Lower

Wheat futures rose past $5.40 per bushel, nearing the four month high of $5.55 hit on November 5th, as aggressive near term buying and scarce prompt availability offset the larger global supply picture in the November WASDE. The USDA did raise world production and ending stocks which pressured the market, but strong state and commercial tenders paid elevated CFR levels and pulled nearby shipments into North Africa and Asia, tightening the pool of grain available for immediate loading. At the same time US Gulf and PNW FOB values firmed and export inspections showed solid year to date shipments, forcing sellers to compete for orders. Limited offers from the Black Sea and firm premiums for Canadian and Argentine origin into key destinations left few prompt alternatives, so buyers pushed bids higher to secure cargoes.

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Ibovespa Pulls Back From Record Highs

TSX Tumbles at Week's Start

US Stocks Start the Week Sharply Lower

Wheat Nears 4-Month Highs