FX.co ★ Ibovespa Rises amid Tariffs Effect

The Ibovespa experienced an increase of nearly 1% on Wednesday, surpassing the 134,000 mark. This upturn was largely driven by investor attention on the Brazilian government’s response to the recently implemented 50% U.S. tariff on Brazilian goods. Additionally, the market was keenly focused on corporate earnings reports. During a statement on Tuesday, President Lula indicated that he did not plan to engage in discussions with U.S. President Donald Trump regarding the tariffs, citing Trump's disinterest in dialogue. Nevertheless, Lula mentioned his intention to extend an invitation to Trump for the COP30 climate summit, which is set to take place in Brazil later this year. In the realm of corporate developments, CSN shares increased by approximately 1% following its announcement of selling another batch of Usiminas shares, which saw a 2.7% rise. This move reduced CSN’s shareholding in Usiminas to 4.99%, aligning with the directives of the Administrative Council for Economic Defense (CADE). Meanwhile, Itaú Unibanco saw a 1.8% rise after revealing its half-year financial results on Tuesday, which indicated a 14.3% growth in recurring profits compared to the previous year.