The Ibovespa advanced 0.9% on Wednesday to close at 167,830, snapping an eleven-session losing streak as global bond yields stabilized. Yields in major economies retreated after the US Treasury announced it would double its buybacks of long-term securities.
Financials mostly traded higher, with Itaú gaining 0.5%, Banco do Brasil up 1.6%, and B3 rising 0.8%. Petrobras climbed 1.2% as oil futures extended their rally for a fourth straight session, supported by waning expectations of a deal to end the conflict in the Middle East.
In the mining sector, Vale added 0.8% amid mounting concerns over iron ore supply following failed wage talks between BHP and workers at Port Hedland. CSN Mineração also advanced, gaining 2.2%. In contrast, steelmakers underperformed: Gerdau sank 5.2%, while CSN fell 2.4%.
Axia rose 1.8% after releasing the results of its share buyback program and receiving a buy recommendation from Itaú BBA. Embraer surrendered earlier gains and ended 0.2% lower, despite Itaú BBA raising its price target. Other notable movers included Rede D’Or, up 2.6%, and Sabesp, which added 1%.
