FX.co ★ Ibovespa Gains on Fiscal Relief and Miners

The Ibovespa index advanced 0.5% on Tuesday, surpassing the 147,000 mark as investors processed significant economic data. Brazil's unemployment rate remained steady at 5.6% for the August rolling quarter, in line with projections and marking the lowest level since 2012. Meanwhile, gross public debt maintained its level at 77.5% of GDP. The nominal budget deficit expanded to R$91.5 billion but was slightly better than anticipated. This positive fiscal data alleviated pressure on local interest rate futures, which bolstered bank stocks. Both Itaú and Banco do Brasil saw a 1% increase, although Bradesco declined by 0.4%. Shares of Vale ticked up 0.5%, while steel producers CSN and Gerdau gained 2.2% and 0.6% respectively after China instructed its steelmakers to halt purchases of BHP's dollar-priced iron ore shipments amid price negotiations. Conversely, Petrobras experienced a 0.5% drop as OPEC+ considered implementing a larger production increase for November.