Ibovespa at Near 1-Month Highs
The Ibovespa index increased by 1.3%, closing at 132,216 on Wednesday, marking its highest level in almost a month. This rally followed assurances from U.S. President Donald Trump regarding the retention of Federal Reserve Chair Jerome Powell and his suggestion of a significant reduction in tariffs on China. These developments alleviated major concerns regarding external policies. JBS led the market surge, with its stock rising by 6.5%. This boost followed the SEC's approval for a dual listing in the U.S. and the company's announcement of an Extraordinary General Meeting on May 23, which removed key obstacles to accessing broader capital markets. This move effectively reduced JBS's cost of capital and helped close its valuation gap with international competitors. Additionally, Vale gained 1.5%, Eletrobras was up by 1.3%, and Companhia Sanea saw an increase of 2.4%. Furthermore, major banks experienced gains, reflecting how the easing of global monetary policy concerns and the possibility of reduced trade barriers are benefiting Brazil's export-driven sectors.
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