FX.co ★ Ibovespa Sets Fresh Record High

The Ibovespa index advanced by 2%, reaching an unprecedented 165,146 on Wednesday. This rise was driven by significant gains among major commodity stocks and strategic positioning related to upcoming elections, despite investors cautiously navigating persistent political and global uncertainties. Petrobras shares saw an increase of 3.4%, reflective of earlier robustness in oil markets, while Vale's shares soared by 4.8%. This surge followed Capital World Investors' announcement of raising their stake in the company to over 5%, providing reassurance amidst fluctuating signals from the ferrous markets. Additionally, the inaugural Genial Quaest poll for the 2026 presidential race indicated that President Lula holds a strong lead in potential runoff scenarios, boosting short-term confidence in domestic assets. However, gains were somewhat dampened following news that the U.S. has halted visa processing for Brazil and as a new phase of the Banco Master investigation surfaced. Simultaneously, a dip in U.S. equity markets and producer-price data subdued global risk-taking behavior.