FX.co ★ Ibovespa Edged Up Marginally Amid Fiscal Policy Discussions

The Ibovespa saw a slight uptick on Thursday, reaching approximately 137,400 points. This movement occurred as investors focused on the ongoing negotiations to amend the government's decree regarding the increase of the Financial Transactions Tax (IOF). The Brazilian economic team is reportedly exploring seven key strategies aimed at curbing public expenditure, potentially offsetting the comprehensive tax hike proposal. Simultaneously, traders monitored a mix of U.S. economic indicators and the European Central Bank's recent interest rate reduction. On the corporate front, Magazine Luiza surged by 2.79%, Gerdau increased by 2.54%, and CSN rose by 0.84%. Vale and Petrobras also recorded gains, contrasting with declines among major banking stocks. Meanwhile, Azul saw a 3.03% increase, while Gol experienced a slight decline of 0.69%, and Embraer decreased marginally by 0.31%.