FX.co ★ Ibovespa Edges Higher After Focus Survey

The Ibovespa inched higher on Monday, hovering near 174,000 points, after the BCB’s Focus survey showed that the market trimmed its 2026 inflation outlook for the third straight week. The median IPCA forecast for 2026 was revised down to 5.15%, from 5.16% a week earlier and 5.33% a month ago. At the same time, expectations for the benchmark Selic rate remained unchanged at 14.00% by the end of 2026 for the fourth consecutive week.

In equities, financials advanced, with Itaú, Bradesco, and Itaúsa each adding more than 0.5%, while Banco do Brasil climbed 0.5%. Most utility names also posted gains, including Axia and Sabesp, which both edged higher. Steelmakers rebounded after coming under pressure last week in the wake of new US tariffs on Brazilian imports: Gerdau rose more than 0.5% and CSN gained nearly 1.0%.

By contrast, weaker iron ore prices weighed on mining stocks. Vale traded broadly flat, while CSN Mineração fell more than 0.5%.