Brazil Stock Market Rises on Fed Rate Cut
The Ibovespa index surged by 1.2% on Wednesday, surpassing 145,500 points following the Federal Reserve's decision to reduce U.S. interest rates by 25 basis points, lowering them to a range of 4.0–4.25%, as anticipated. New forecasts reveal that the majority of Fed officials predict at least two more rate cuts within the year. In contrast, Brazil's central bank is anticipated to maintain the Selic rate at 15%, marking its highest level in almost 20 years, with policymakers indicating that rates are likely to remain unchanged for an extended period. In the corporate sector, banks experienced gains with Itaú rising 1.6% and Bradesco increasing by 2.5%. Retailers also performed well, with Magazine Luiza advancing 5.7% and Casas Bahia climbing 13%. Petrobras saw a 0.4% increase, whereas Vale experienced a slight decline of 0.3%.
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