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[BUSINESS] · Brazil, United States, Iran · 63 sources

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Ibovespa hits highest level since May amid oil surge and election optimism

The Brazilian stock market experienced a significant rally, with the Ibovespa index rising as much as 3.05% to reach 185,205.09 points, its highest level since early May. This surge was driven by a combination of returning foreign capital and optimism surrounding the domestic electoral landscape, specifically following polls showing a technical tie between President Luiz Inácio Lula da Silva and Senator Flávio Bolsonaro.

Global oil price increases, fueled by heightened tensions between the United States and Iran near the Strait of Hormuz, also bolstered the market, particularly benefiting energy giant Petrobras. Consequently, Petrobras shares saw gains exceeding 4%.

In the currency market, the US dollar weakened against the real, closing at R$ 5.106 in some sessions, marking a decline of 0.91%. This movement coincided with expectations of potential interest rate cuts by the Central Bank following the release of Brazil's second-quarter GDP data, which showed a 0.5% growth rate.

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B3 · Brazil · Donald Trump · Flávio Bolsonaro · IBGE · Ibovespa · Iran · Luiz Inácio Lula da Silva · Petrobras · United States

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