09.04.202615:00:36UTC+00Ibovespa Rises to Fresh Record

The Ibovespa climbed 1% to a record 194,000 points, driven by broad-based gains in energy, utilities, and major banks. Oil prices jumped amid uncertainty in the Strait of Hormuz, lifting Petrobras and PRIO by more than 3%. Sabesp advanced 3%, supported by a 31.6% increase in its investment plan this year. Large banks also underpinned the rally as investors grew more confident that the US-Iran conflict will not escalate as severely as previously feared, easing concerns about stagflation. Itaú rose 0.5%, while Banco do Brasil gained nearly 1%.

Sentiment was further bolstered by positive analyst calls from JPMorgan and Morgan Stanley. JPMorgan emphasized Brazil’s higher beta, noting that stronger commodity prices could improve the country’s prospects for capital inflows. Morgan Stanley reiterated its overweight view on Brazil, describing Brazilian equities as core holdings within its Latin American portfolio. Both firms underscored the robust prospects for the energy sector: Morgan Stanley holds Petrobras as its largest position in Latin America, while JPMorgan highlighted Petrobras and PRIO as key beneficiaries of a tighter global oil supply.