Brazil's Ibovespa index declined in trading, pressured by a combination of macroeconomic uncertainty and geopolitical risk.
Investors are adopting a defensive posture ahead of the Federal Reserve's interest rate decision later today, while renewed military tensions between the United States and Iran are adding to market volatility.
The Brazilian benchmark is also being weighed down by results from Santander, which contributed to the downward pressure on the index.
The Federal Reserve's policy announcement is the primary focus for global markets, with traders closely monitoring signals on the future path of US interest rates.
Any deviation from market expectations could trigger significant repricing across asset classes.
The timing of the decision, coming amid heightened geopolitical instability, amplifies the potential for market swings.