Ibovespa Rises on US-Iran Talks Hopes

The Ibovespa rose 0.4% to close at 187,423 on prospects for US-Iran talks, rebounding from earlier losses. US President Trump said US officials had a “very good” meeting with Iranian envoys at the UN General Assembly and that another was planned. A senior Iranian official said Iran could reopen the Strait of Hormuz within days if the US eased military pressure and lifted its blockade on Iranian ports. The pullback in the oil rally supported equities. Banks ended mixed, with BB and Santander falling 1.4% and 0.6%, while Bradesco and Itaú rose 1.5% and 0.2%. Petrobras gained 0.7% despite lower oil prices. Vale rose 0.4% after confirming a 30% stake acquisition in Ligga, while Axia gained 1.3%. Copom’s somewhat hawkish minutes kept the index volatile.

The Ibovespa fell nearly 1% to the 185,000 mark on Tuesday following the release of the minutes from Copom’s latest meeting. The committee noted that although monetary policy is contributing decisively to the disinflation process, price growth remains supported by strong aggregate demand, requiring monetary policy to remain restrictive. Policymakers also pointed out that economic activity has continued to moderate. Major banks posted losses, with Itaú and Bradesco down nearly 1.5%. Petrobras shed 1% on lower oil prices. Other notable laggards included Ambev (-1%) and Rede D’Or (-1%). Vale and Axia limited losses as Vale confirmed the acquisition of a 30% stake in Ligga and Axia approved a new redemption of Class C preferred shares. Meanwhile, JBS (+0.5%) requested cancellation of its public-company registration.

The Ibovespa gained 0.7% to close at 186,596 on Monday, rebounding after ending the previous week in the red amid lower international oil prices. Oil prices declined on hopes for diplomatic progress between the US and Iran. Iranian President Masoud Pezeshkian is expected to attend the United Nations General Assembly in New York this week, and US President Donald Trump said he would be open to meeting him. Bond yields eased as the halt in the oil rally cooled concerns over energy-driven inflation, lending support to credit-sensitive shares. Financials advanced, with Itaú up 1.8% and Bradesco rising 0.9%. Utilities also gained, with Axia up 2.5%. The financial market lowered its 2026 Selic forecast from 13.75% to 13.50%, while raising its 2026 inflation forecast from 4.90% to 4.92%, according to the BCB’s Focus Bulletin.