Banks’ shares devalue amid concerns about the Magnitsky Act’s impact

Brazilian banks’ shares are dropping collectively in Tuesday’s trading session, setting the tone for the stock market. According to analysts, investors are worried about Minister Flavio Dino’s decision on the application of the Magnitsky Act in Brazil. Shortly after 2 PM, Itau’s stocks (ITUB4) were down 2.91%, Bradesco (BBDC4) decreased by 3.18%, BTG Pactual units (BPAC11) devalued by 3.51%, and Banco do Brasil’s stocks (BBAS3) fell by 4.37%. B3’s stocks (B3SA3) were also trading lower by 4.1%. Yesterday, Supreme Court Minister Flavio Dino ruled that laws and administrative or judicial orders from other countries do not automatically apply in Brazil.