Brazil's Ibovespa ended Thursday virtually unchanged at 188,052, rebounding from earlier losses as global equities found some relief after Iran signaled it was considering imposing a toll on selected tankers leaving the Persian Gulf. The move helped ease recent fears that a complete halt of energy exports from the region could spark stagflationary shocks across major economies.
Despite the flat index, Petrobras shares advanced nearly 2%, supported by benchmark crude prices climbing to their highest levels in almost two decades for prompt deliveries. Utilities extended their recent gains, with Sabesp rising close to 1%.
On the other hand, interest-rate futures continued to price in the risk of a higher benchmark rate from Brazil’s central bank as mounting inflation concerns weighed on the outlook for the financial sector. Major banks Itau, Bradesco, and Banco do Brasil all finished the session in negative territory.