Brazil’s Raizen SA is preparing to present creditors with a final restructuring proposal as soon as Wednesday, a key step in the struggling sugar and ethanol producer’s months-long push to clinch an out-of-court debt overhaul.

Most emerging-market currencies weakened on Tuesday as overnight clashes near the Strait of Hormuz offset signs of progress toward a US-Iran peace deal, even as developing-nation stocks rose on optimism around artificial intelligence.