On Tuesday, the Ibovespa index experienced a 0.5% increase, closing at 137,165 points. This rise was attributed to the easing of tensions in the Middle East, which rejuvenated investors' risk appetite, alongside their analysis of the latest minutes from the Copom. On a global scale, oil prices saw a significant decline of over 6%, following a ceasefire between Israel and Iran, facilitated by the United States. This, along with Iran's calculated response, ensured that tanker traffic through the Strait of Hormuz remained uninterrupted, thereby eliminating a major external risk factor.
Domestically, the central bank's minutes underscored on five occasions the intention to maintain the Selic rate at 15% for an "extended duration," thereby stabilizing rate expectations. This in turn spurred a rally in sectors sensitive to interest rates. Notable improvements were seen in financial stocks, with Banco do Brasil, Banco Santander, and Itaúsa leading the charge, posting gains of 2.5%, 2.6%, and 2.4% respectively. B3 also saw an increment of 1.9%. Conversely, shares of Petrobras experienced a decline of 1.8%, as energy stocks were unexpectedly affected by the drop in oil prices.
