The Ibovespa climbed 2.4% on Wednesday, closing at 177,548 points, driven by strong corporate earnings. Vale gained 4% after reporting a 0.8% year-on-year increase in iron ore production for the April–June quarter, its highest second-quarter output since 2018. Bradesco BBI reiterated its Buy recommendation on the stock, noting that Vale’s sales volumes surpassed expectations.
WEG surged 10% after posting solid operating margins and returns on invested capital in the second quarter, even as EBITDA and revenue declined year-on-year. Revenue from international operations rose 14.7% in US dollar terms, but the company noted that the appreciation of the Brazilian real weighed on its reported results in local currency.
Petrobras advanced 2.2%, supported by higher oil prices amid escalating tensions in the Middle East.
On the trade front, a new 25% US tariff on a range of Brazilian products came into effect on Wednesday. Key export categories, however—such as beef, coffee, rare earths, energy products, aircraft, and aircraft parts—remain exempt from the measure.
