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The Ibovespa rose 0.4% to close at 172,060 on Wednesday after markets received moderately positively the first signals about the fiscal package President Lula is preparing for 2027. Planning Minister Moretti said the bill’s fiscal measures will have an impact of R$50 billion to R$60 billion in 2027, increasing in subsequent years, and will give the government more instruments to improve primary results. Moretti also said the proposal would allow additional spending freezes if necessary and that the government will “certainly” post a primary surplus in 2027. Major banks were mixed, Itaú rose 1.3%, while Banco do Brasil fell 1.2% ahead of its earnings. Other financials advanced, with B3 up 2.2% and Itaúsa 1.5%. Utilities also rose, with Axia adding 0.6%. Petrobras fell 3.1% after its Q3 report, as net income came in below market expectations. Vivo jumped 5.4% as it began Q4 with higher sales. Rede D’Or gained 2.7% ahead of its release tomorrow.

European stocks closed sharply higher for a third session on Wednesday, supported by strong earnings in the tech sector. The Euro STOXX 50 gained 1% to 6,393 and the STOXX Europe 600 jumped 0.7% to a record high of 663.1. The tech sector extended its rebound from the selloff last week after positive results from CoreWeave in the US, easing the market’s concern that the high levels of debt taken by AI companies could hamper more investment in the area. On top of that, Siemens Energy rose after soaring data center demand lifted its margins in the last quarter, boosting profits and their outlook. AI infrastructure companies received a boost from both, with ASML and Infineon adding 3.2% and 6.4%, respectively. Banks also continued to gain, with Deutsche Bank and ING adding 2% and 1.3%.

Brazil’s new-vehicle sales fell 5.6% month-over-month to 265,500 units in October 2026, the lowest level since April, after a 2.3% increase in September. Passenger-car sales declined 4.8% to 206,100 and light commercial vehicles dropped 8.3% to 47,800, while truck sales decreased 3.1% to 9,900 and bus sales slumped 29.1% to 1,700. Average daily sales eased to 12,600 units from 13,400 in September, but were 11.5% higher than a year earlier, while total sales rose 1.8% year-on-year. In the first ten months, sales reached 2.52 million units, up 16.1%, supported by the Carro Sustentável program, whose models sold 412,800 units (+22.3%), and by electrified vehicles, which jumped 125.7% to 495,700 units, lifting their share to 20.5% of light-vehicle sales from 10.7%. Imports kept rising, up 22.3% in October, with Chinese models now doubling Argentine ones in registrations this year.

Brazil’s vehicle production fell 5.1% month-over-month to 254.5 thousand units in October 2026, the lowest level since July, after a 1.1% decline in September. Light vehicle output dropped 5.3% to 241.7 thousand units, as passenger car production decreased 3.6% to 201.5 thousand and light commercial vehicles slumped 13% to 40.2 thousand. Truck production edged down 1.9% to 11.4 thousand units, while bus output was nearly flat at 1.4 thousand. Compared with October 2025, production rose 2.7%, as gains in passenger cars (9%) and trucks (12.2%) offset sharp drops in light commercials (-20.6%) and buses (-33.4%). In the first ten months of the year, output increased 8% from the same period of 2025 to about 2.42 million units. However, the sector continued to face external headwinds, with exports plunging 28.3% year-on-year in October, while registrations of imported vehicles jumped 22.3%.

Aluminum futures in the UK inched higher to $3,050 per tonne after testing year-to-date lows at below $3,000 on November 10th as momentary supply tightness offset the ample production backdrop in China. Tensions between the US and Iran continued to block aluminum from GCC production hubs, driving the prompt spread at the LME to widen to a five-month high of $94 per tonne, as inventories remain half of pre-war levels. Still, increasing production by Chinese smelters investing overseas kept global aluminum prices well below this year’s peaks. The annual cap of 45 million tonnes of primary aluminum in China drove local smelters to establish infrastructure across Southeast Asian and African countries, with ongoing projects set to add over 15 million tonnes of smelting capacity once finished. Indonesia leads the capacity growth, with new smelters set to increase primary aluminum production by up to 70% this year.

The S&P/TSX Composite Index rose 0.7% to close at 36,411 on Wednesday with support from energy producers. Crude oil pared losses amid persistent US-Iran tensions, with major disagreements between the two parties posing obstacles to negotiations. Canadian Natural rose 1.9%, Suncor added 2.2%, Imperial Oil advanced 3.1% and Cenovus was up 3%. Technology stocks also gained, supported by upbeat results from CoreWeave. Shopify rose 2.1%, Celestica jumped 8.4%, and Constellation Software gained 1%. Major banks also rose, with RBC up 0.8% and TD Bank adding 0.7%. Meanwhile, gold prices fell after a sharp drop in the prior session that hit major Canadian miners, driving them to extend losses. Agnico Eagle lost 2% and Barrick fell 1.3%, while Franco-Nevada retreated 2.4% ahead of its earnings report. Elsewhere, Power of Canada added 1.4% ahead of its earnings.

DXY increased to 102.95, the highest since April 2025. Over the past 4 weeks, Dollar Index gained 0.34%, and in the last 12 months, it increased 3.46%.

Gold erased its early gains to fall towards $4,030 an ounce on Wednesday, as the US dollar climbed to its highest level since April 2025, supported by hotter-than-expected inflation data and hawkish Federal Reserve comments. A modest rebound in oil prices following their recent decline to 10-week lows also added to inflationary concerns. US consumer prices rose 0.4% in October, above expectations of 0.3%, prompting traders to raise the probability of a December Fed rate hike to 100%, from 84% before the release, according to the CME FedWatch Tool. Expectations of a larger, 50-basis-point increase also gained traction. Meanwhile, Fed Governor Christopher Waller suggested that persistent core inflation could warrant a half-point hike as early as December, while other policymakers, including Anna Paulson and Michelle Bowman, maintained a hawkish tone, reinforcing expectations of further monetary tightening and adding pressure on non-yielding gold.

The Baltic Exchange’s dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, rose by 3.4% to its highest since October 8 at 2,959 points, extending gains for the sixth consecutive session. The capesize index, which typically transports 150,000-ton cargoes, including iron ore and coal, climbed by 5.5% to a peak since October 5 at 4,700 points. Concurrently, the panamax index, which usually carries 60,000 to 70,000 tons of coal or grain, rose by 1.4% to its highest since October 23 at 2,103 points. Among smaller vessels, the supramax index edged up by 0.2% to 1,810 points, halting a 11-session losing run.