BRAZIL · MARKETS
Key Facts
- The country Brazil, where the Ibovespa in dollars lost 21.13% on Monday 26 October 2026.
- What happened The index fell 13.88% in reais while the real lost more than 8% against the dollar.
- History Worst day in dollars since the 1994 Real Plan, by our calculation from official data.
- US investors The US-listed Brazil fund EWZ fell 19.8% on the day, from US$42.59 to US$34.15.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 75.0 points (October 2026 edition).
The Ibovespa in dollars fell 21.13% on Monday 26 October 2026, the first trading day after President Luiz Inácio Lula da Silva won the runoff. The Ibovespa is Brazil’s main stock index, and the real also lost more than 8% against the dollar that day.
No day since the Real Plan of July 1994, which ended Brazil’s hyperinflation, has been worse by our calculation from official data. The next-worst was an 18.44% fall on 12 March 2020.
In Plain English
The Ibovespa tracks Brazil’s biggest listed companies on B3, the São Paulo stock exchange, much as the S&P 500 does in the United States. Measuring the Ibovespa in dollars means dividing each day’s level by the central bank’s official dollar rate, called PTAX.
What Happened to the Ibovespa in Dollars
The index closed at 205,082.56 points on Friday 23 October and at about 176,600 on Monday 26 October. That is a fall of 13.88% in Brazilian reais.
The central bank’s PTAX rate moved from 5.04 reais per US dollar to 5.50 (about US$0.18 per real, down from US$0.20). The real lost more than 8% of its dollar value in one session.
Together, the two moves cut the Ibovespa in dollars by 21.13%, from about 40,700 to about 32,100. The index slipped a further 0.51% on Tuesday 27 October to 175,710.05 points.
It lost about 2.7% on Wednesday 28 October and closed near 171,000. From Friday’s close to Wednesday’s, the Ibovespa in dollars has lost about 21%.
Live Market IntelligenceBrazil — Live Market Board
Rio Times · Live Market Intelligence
Brazil — Live Market Board
-2.43%
171,434.48
-2.43%
69,711.87
+0.35%
10,677.88
-0.83%
2,848,945
—
2,489.62
-0.67%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 171,434.48 | -2.43% | +19.56% | 175,710.05 | 178,526 | 175,157 | — |
| USD/BRL | 5.34 | -1.32% | -0.84% | 5.42 | 5.42 | 5.30 | — |
| SELIC | 13.75% | — | — | — | — | — | |
| PETR4 | 53.31 | -1.06% | +77.70% | 53.88 | 53.70 | 52.83 | 43,239,500 |
| VALE3 | 62.88 | -2.33% | +1.98% | 64.38 | 64.43 | 62.80 | 24,652,300 |
| ITUB4 | 41.42 | -0.67% | +11.30% | 41.70 | 42.60 | 41.15 | 28,160,700 |
| BBDC4 | 15.69 | -1.63% | -13.88% | 15.95 | 16.30 | 15.67 | 65,766,400 |
| BBAS3 | 17.59 | +0.69% | -15.59% | 17.47 | 18.31 | 17.51 | 67,844,600 |
| B3SA3 | 15.27 | +1.33% | +21.71% | 15.07 | 15.78 | 15.20 | 75,282,000 |
| ABEV3 | 15.40 | +0.20% | +26.75% | 15.37 | 15.68 | 15.31 | 27,307,400 |
| WEGE3 | 45.78 | +2.81% | +10.06% | 44.53 | 47.08 | 45.06 | 9,823,200 |
| PRIO3 | 69.21 | -2.71% | +87.14% | 71.14 | 70.98 | 69.15 | 6,663,200 |
| SUZB3 | 47.14 | -0.55% | -3.79% | 47.40 | 47.84 | 46.10 | 7,151,800 |
| RENT3 | 31.14 | -1.67% | -20.73% | 31.67 | 32.68 | 31.02 | 19,092,400 |
| AZZA3 | 16.72 | +1.15% | -42.24% | 16.53 | 17.42 | 16.72 | 4,875,400 |
| CSNA3 | 4.76 | -4.99% | -47.09% | 5.01 | 5.14 | 4.76 | 14,327,900 |
| GGBR4 | 24.87 | -2.28% | +36.28% | 25.45 | 26.20 | 24.79 | 7,507,900 |
| ENEV3 | 26.79 | +0.45% | +49.78% | 26.67 | 27.35 | 26.30 | 12,263,000 |
How It Compares With Past Crashes
Since July 1994 the next-largest one-day falls in dollars were 18.44% on 12 March 2020 and 17.59% on 16 March 2020. Both came in the Covid-19 panic.
Next came 16.67% on 22 October 2008, in the global financial crisis, and 16.17% on 18 May 2017. That day a corruption scandal hit the government of then-president Michel Temer.
Before July 1994 Brazil changed its currency several times during hyperinflation. Dollar comparisons with those older days are unreliable, so we do not rank them.
Why It Matters
Shares and the currency fell together after Lula’s win. That is why the Ibovespa in dollars lost far more than the 13.88% it lost in reais.
A foreign investor who sells Brazilian shares must also sell reais to get dollars. That selling can push the currency lower and deepen the dollar loss.
Brazilian shares are now about a fifth cheaper in dollars than a week ago. The next test is what the government says about its economic plans.
What It Means for You
American holders of Brazil funds felt the full blow. The iShares MSCI Brazil ETF, ticker EWZ, closed at US$34.15 on Monday, down 19.8% from US$42.59 on Friday.
It was near US$33.62 on Wednesday. The fund tracks a different index from the Ibovespa, so its numbers differ slightly.
Unhedged investors lose on both the shares and the currency, while funds that hedge the real remove part of the currency loss. Travellers see the other side, because a US dollar bought 5.33 reais on Tuesday (about US$0.19 per real) against 5.04 on Friday.
A trip to Brazil is therefore more than 5% cheaper in dollars. That helps visitors, not investors.
What Is Not Known
How much of Monday’s fall came from foreign money and how much from Brazilian funds is not known. The size of foreign investors’ net selling that day is not yet available.
It is open whether the Ibovespa in dollars recovers as the real steadies. It is also unclear how Brazil’s older currencies would change the picture before 1994.
Connected Coverage
Our earlier reports cover the opening shock, when Brazil’s stock market was halted, and how the real sank as futures hit their limit. The Tuesday market wrap follows the calmer session.
Our report on Brazil’s central bank weighing a pause in rate cuts covers the interest-rate side. Each page has the numbers for its own day.
More: Brazil news in English, every day from The Rio Times.
Frequently Asked Questions
How big was the Ibovespa fall in dollars?
The Ibovespa lost 21.13% in US dollars on Monday 26 October 2026. It fell 13.88% in reais, and the real lost more than 8% against the dollar.
Was it the worst fall ever?
It is the worst since July 1994, ahead of the 18.44% fall on 12 March 2020. Earlier days cannot be compared reliably because Brazil changed currencies before then.
What does it mean for US investors in Brazil ETFs?
The US-listed EWZ fund fell 19.8% on Monday, from US$42.59 to US$34.15. Funds that do not hedge the real lose on both the shares and the currency.
Sources: B3, Ibovespa daily closing data, 23 to 28 October 2026; Banco Central do Brasil, PTAX dollar rate history, 23 to 28 October 2026; iShares MSCI Brazil ETF (EWZ), fund page and closing prices, 28 October 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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