FX.co ★ Ibovespa Rises as Lula-Trump Meeting Boosts Optimism

On Monday, the Ibovespa index surged by nearly 1%, surpassing the 147,000 mark— a record high. This increase was driven by the optimistic atmosphere surrounding the discussions between US President Trump and Brazilian President Lula. During their engagement at the ASEAN summit in Malaysia, Lula announced that Trump had "guaranteed" a trade agreement between the two countries, potentially eliminating the current 50% tariffs imposed by the US on specific goods. This positive development spurred growth across various sectors. Major financial institutions such as Itau, Bradesco, and Banco do Brasil each saw approximately a 1% increase, bolstering the overall banking sector. Additionally, Petrobras experienced a gain of over 0.5%, following its announcement of an 18.4% rise in oil production for the third quarter. In corporate news, MBRF witnessed a substantial rise of over 7% after its subsidiary, BRF, finalized an investment agreement with Saudi Arabia's PIF-supported Halal Products Development Company.