FX.co ★ Ibovespa Rebounds as Yields Ease

The Ibovespa climbed more than 1.5% on Wednesday, trading above 169,000 points and snapping an eleven-session losing streak, supported by a stabilization in global bond yields. Yields in major economies retreated after the US Treasury announced it would double its buybacks of long-term securities. Financial stocks advanced, with Itaú, Bradesco, Itaúsa and Banco do Brasil each gaining around 2%. Petrobras rose more than 1.5%, tracking a fourth straight session of gains in oil futures as expectations for a cease-fire in the Middle East waned. Vale added nearly 2% amid concerns over iron ore supply after wage negotiations between BHP and workers at Port Hedland broke down. Axia gained more than 2% following the announcement of the results of its share buyback program and a buy recommendation from Itaú BBA. Embraer was up nearly 0.5% after Itaú BBA raised its price target. Other notable performers included Ambev (+2%), Rede D’Or (+1.5%) and CSN Mineração (+4%).