FX.co ★ Ibovespa Jumps After Copom Minutes

On Tuesday, the Ibovespa surged nearly 2%, reaching an unprecedented peak of 186,000, following the release of minutes from the Brazilian central bank's upcoming meeting. These minutes reinforced expectations of an impending rate cut. The policymakers emphasized that the scope and duration of the anticipated easing cycle would be determined as new data becomes available, all while maintaining their commitment to the 3% inflation target. Santander's shares increased by 2%, with Itau and Bradesco also rising 1% ahead of their earnings announcements this week, buoyed by the positive outlook on consumer credit costs highlighted in the central bank's minutes. The utilities sector saw gains as well, with Axia and Sabesp both up nearly 2%. Meanwhile, Petrobras gained over 1% due to strengthening oil prices, and Vale experienced a 2.5% increase, recovering from significant losses in the prior session.