FX.co ★ Brazilian Stocks Rebound on Wednesday

Brazil's Ibovespa index experienced a rise of nearly 0.5% on Wednesday, advancing towards the 162,500 level. This upward movement was driven by gains in major commodity-backed companies and utility providers, as the markets evaluated Brazil's interest rate prospects. Shares of Petrobras climbed by almost 1%, reflecting the prolonged rally in crude oil prices amid escalating geopolitical tensions in Iran. In parallel, Vale's stock rose over 1%, despite a weak performance for ferrous metals across major exchanges, buoyed by Capital World Investors increasing its stake to over 5%. Concurrently, recent polls have suggested that incumbent President Lula maintains a strong lead over right-wing challengers, notably the son of former President Bolsonaro, Flavio, and Tarcisio de Freitas, the current Governor of Sao Paulo.