Brazilian stocks fell on Thursday as investors were cautious on pension reform progress and markets awaited further hints from tariff talks between the United States and China.

A weaker dollar did little to help Latin American currencies, which fell.

Stocks on the Bovespa fell 0.7 percent led by declines in financials as investors eyed a meeting between President Jair Bolsonaro and Economy Minister Paulo Guedes where they are expected to discuss the pension reform.

“God willing, we will make a decision tomorrow,” said Bolsonaro in a TV interview late on Wednesday. Markets however, remained wary as pension reforms, expected to bring down Brazil’s mounting fiscal deficit, have been delayed for months.

A possible decision by Bolsonaro on Thursday may not be enough to ease the anxiety and stop the volatility that permeates the market in relation to the Social Security, said the executive director of the NGO Brokerage, Sidnei Nehme.

Losses on the index were led by financials, led by Bradesco and Itausa Investimentos Itau.

State-controlled lender Banco do Brasil jumped 1.8 percent after it said it is exploring potential sale of Banco Votorantim, an entity it holds jointly with Grupo Votorantim.

Stocks on Chile’s IPSA index were marginally higher led by utility firm AES Gener and real estate company Parque Arauco.

In currencies, Brazil’s real slid for a second consecutive day, while Chile’s peso fell to over two-week lows as the price of copper, the main export of the country, rebound.

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