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Ibovespa Defies Wall Street Slump To Notch Fourth Consecutive Record Close
(MENAFN- The Rio Times) Brazil's benchmark Ibovespa index extended its winning streak to seven sessions on Thursday, closing up 0.10% at 148,780.22 points and marking its fourth straight record high amid a backdrop of global market turbulence.
The advance, the 18th record for the index this year, came despite sharp declines on Wall Street, underscoring domestic resilience driven by corporate earnings and positive economic indicators.
The session saw the Ibovespa briefly touch an intraday peak of 149,234 points, supported by anticipation surrounding Vale's third-quarter results, released after the close. Trading volume reached R$20.8 billion, with advancing stocks outnumbering decliners.
The U.S. dollar strengthened 0.40% against the real to R$5.3812, influenced by robust September employment data from the Caged report, which showed 213,002 formal jobs created-surpassing economist forecasts of 180,750, though below last year's figure.
Domestically, legislative progress bolstered sentiment: Congress approved a bill extending indefinite income tax exemptions for earners up to R$5,000 monthly, and advanced measures for the electric sector. Fiscal uncertainties lingered, but these developments helped offset broader concerns.
Globally, Wall Street ended lower, with the Dow Jones down 0.23% to 47,522.12, the S&P 500 off 0.99% to 6,822.34, and Nasdaq falling 1.58% to 23,581.14, pressured by disappointing tech earnings from Meta Platforms.
Markets mixed ahead of ECB decision after US China trade deal
European markets were mostly negative ahead of the ECB decision, while Asian indices closed mixed following a U.S.-China trade deal reducing tariffs in exchange for fentanyl crackdowns and resumed soybean purchases.
Among top performers, Hypera (HYPE3) led gains on strong quarterly results, followed by Ambev (ABEV3) up about 5% after reporting R$3.84 billion in adjusted net profit.
Vale (VALE3) rose 1% amid iron ore gains, with consumer goods stocks like those in beverages and mining also advancing.
On the downside, Bradesco (BBDC4) paced losses after provisions for doubtful credits surged to R$9.4 billion, exceeding estimates; Petrobras (PETR4/PETR3) declined despite fleeting oil price support, joined by other banking and energy names.
Technically, the index remains bullish, with the daily chart showing an uptrend channel and RSI near overbought levels at 71.36, signaling potential short-term consolidation but sustained momentum.
ETF inflows into Brazil-focused funds, including iShares MSCI Brazil, reflect growing foreign interest. As markets open Friday, eyes remain on Vale's earnings and global trade ripple effects.
The advance, the 18th record for the index this year, came despite sharp declines on Wall Street, underscoring domestic resilience driven by corporate earnings and positive economic indicators.
The session saw the Ibovespa briefly touch an intraday peak of 149,234 points, supported by anticipation surrounding Vale's third-quarter results, released after the close. Trading volume reached R$20.8 billion, with advancing stocks outnumbering decliners.
The U.S. dollar strengthened 0.40% against the real to R$5.3812, influenced by robust September employment data from the Caged report, which showed 213,002 formal jobs created-surpassing economist forecasts of 180,750, though below last year's figure.
Domestically, legislative progress bolstered sentiment: Congress approved a bill extending indefinite income tax exemptions for earners up to R$5,000 monthly, and advanced measures for the electric sector. Fiscal uncertainties lingered, but these developments helped offset broader concerns.
Globally, Wall Street ended lower, with the Dow Jones down 0.23% to 47,522.12, the S&P 500 off 0.99% to 6,822.34, and Nasdaq falling 1.58% to 23,581.14, pressured by disappointing tech earnings from Meta Platforms.
Markets mixed ahead of ECB decision after US China trade deal
European markets were mostly negative ahead of the ECB decision, while Asian indices closed mixed following a U.S.-China trade deal reducing tariffs in exchange for fentanyl crackdowns and resumed soybean purchases.
Among top performers, Hypera (HYPE3) led gains on strong quarterly results, followed by Ambev (ABEV3) up about 5% after reporting R$3.84 billion in adjusted net profit.
Vale (VALE3) rose 1% amid iron ore gains, with consumer goods stocks like those in beverages and mining also advancing.
On the downside, Bradesco (BBDC4) paced losses after provisions for doubtful credits surged to R$9.4 billion, exceeding estimates; Petrobras (PETR4/PETR3) declined despite fleeting oil price support, joined by other banking and energy names.
Technically, the index remains bullish, with the daily chart showing an uptrend channel and RSI near overbought levels at 71.36, signaling potential short-term consolidation but sustained momentum.
ETF inflows into Brazil-focused funds, including iShares MSCI Brazil, reflect growing foreign interest. As markets open Friday, eyes remain on Vale's earnings and global trade ripple effects.
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