---
symbol: "EWZ"
name: "iShares MSCI Brazil ETF"
date: 2026-09-25
change_pct: -1.772178926016871
direction: "down"
event_type: "macro_print"
url: "https://perplo.app/why/EWZ/2026-09-25"
updated_at: 2026-09-25T13:06:48.330Z
---

# Why iShares MSCI Brazil ETF (EWZ) fell 1.77% on September 25, 2026

iShares MSCI Brazil ETF (EWZ) fell 1.77% on September 25, 2026 — Brazil CPI beat spooks EM assets ahead of election.

## What happened

Brazil's mid-September consumer inflation came in hotter than forecast, adding pressure ahead of a tightly contested election that has already roiled sentiment.

## Why it moved

Hotter inflation strengthens the case for the Central Bank to extend its tightening cycle, raising real rates and compressing multiples on Brazil equities; election uncertainty compounds the selloff as investors price…

## Why it matters

Part of the EM Rotation narrative—when developed-market growth stumbles and central banks hold rates high, emerging-market currencies and equities suffer from both higher real yields abroad and domestically tighter…

## What would break the thesis

If the BCB signals a pause in tightening or election outcome removes policy tail risk, the inflation print loses its sting and Brazil risk assets can stabilize.

## Sources

- [Brazil mid-September inflation exceeds forecasts ahead of tight election](https://www.investing.com/news/economy-news/brazil-midseptember-inflation-exceeds-forecasts-ahead-of-tight-election-4917527) — Investing.com

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