The Ibovespa advanced 1.9% on Thursday, closing at 177,159 points as investors digested a new batch of corporate earnings. Vale gained 1.4% ahead of releasing its second-quarter results after the closing bell. Motiva surged 5.2% on the back of a strong earnings beat, driven in particular by better-than-expected capital expenditures. Other notable gainers included Petrobras (+2%), Axia (+3.6%), and WEG (+2.6%).
Among the major banks, Banco do Brasil added 2% and Itaú rose 2.2%, while Santander slipped 1.5%, extending its losses following its second-quarter report. Ambev inched up 0.4%: although the company posted stronger profit, both revenue and EBITDA came in below expectations. Usiminas tumbled 9.2% despite tripling its quarterly profit, as investors focused on weaker forward guidance.
On the macroeconomic front, Brazil’s unemployment rate declined to 5.4% in the quarter ended in June, underscoring the resilience of the labor market and bolstering expectations that the BCB may soon pause its interest rate–cutting cycle.
