FX.co ★ Ibovespa Sets New Record Amid Gains from Heavyweights

The Ibovespa surged by more than 1%, surpassing 163,500, marking a new all-time high as banks and commodity giants posted gains. Recent data indicated that Brazil's GDP experienced its slowest annual growth in over three years, prompting expectations of rate cuts by the Banco Central do Brasil (BCB) in the coming year and driving long-term yields to their lowest in over a year. The reduction in borrowing costs benefited banks, with Itau and Bradesco each climbing by over 1%. Additionally, stronger oil prices contributed to a 1% uplift in Petrobras's shares.