The Ibovespa rose 1.2% on Tuesday, closing at 174,197 points, driven by gains in mining, steel, utilities, and banking shares. Vale climbed 4% in response to higher iron ore prices. Among utilities, Axia advanced 2.4%, Sabesp added 1.5%, and Eneva gained 1.9%.
In the financial sector, Bradesco rose 1.5% and Itaúsa increased 1%. Steelmakers rallied following revisions to US steel tariffs: CSN jumped 8.8%, Gerdau advanced 5.5%, and Usiminas surged 8.6%. Rede D'Or added 1.1% after unveiling an expansion plan.
Investors continued to weigh a US proposal to apply an additional 25% tariff on a range of Brazilian exports. Members of President Lula’s administration voiced confidence that a negotiated solution can be reached before the measure takes effect, with talks expected to progress in the coming weeks. Markets also tracked developments in the Middle East amid mixed signals over Iran’s willingness to engage in negotiations with the United States.
