FX.co ★ Ibovespa Sets Fresh Record Ahead of Copom

The Ibovespa index surged by 1.7% to reach an unprecedented high of 153,294 on Wednesday, buoyed by strong performances from blue-chip stocks and a series of positive corporate earnings reports, as market participants turned their attention to the pending central bank policy announcement. Notably, Vale and Petrobras spearheaded the upward momentum with increases of 2.1% and 1.8%, respectively, even amid subdued benchmarks for iron ore and oil. The financial sector also saw commendable gains, with Banco do Brasil, Santander, and Bradesco each rising between 1.9% and 2.9%. Conversely, CSN experienced a 4.3% decline despite reporting solid earnings. Investors are now keenly anticipating the Copom's decision, expected to maintain the interest rate at 15%, with particular interest in the statement's language for indications of future monetary policy direction.