FX.co ★ Ibovespa Sets New Record High

The Ibovespa gained 1.4% on Tuesday to close at a record high of 191,490, as investors looked past earlier volatility triggered by shifts in US trade policy. Petrobras advanced 2.3%, supported by firmer global oil prices and a solid cash flow outlook, while utilities outperformed, led by COPEL with a 3.1% jump. Sentiment was further bolstered by the Focus Bulletin, which showed the annual inflation forecast falling for the seventh consecutive week, to 3.91%.

On the downside, steelmaker Gerdau dropped 2.2% after reporting a 21% decline in projected 2025 net income, to R$3.4 billion. The result was pressured by record steel imports into Brazil, despite robust performance in North America. Retail stocks were mixed as investors weighed the implications of the new 15% US global tariff, even as the Brazilian real strengthened to its highest level since May 2024. After the close, attention turned to earnings releases from C&A, GPA, and Iguatemi, with the broader market still supported by expectations of potential interest rate cuts beginning in March.