Brazil Stocks Rose 0.5% as Petrobras Jumped 4% | Morning Call, Oct 19
Brazil's Ibovespa rose 0.54% on Friday as Petrobras gained 4%. Inflation data at 8:00 BRT and the Focus survey at 8:25 BRT set the Selic tone today. The post Brazil Stocks Rose 0.5% as Petrobras Jumped 4% | Morning Call, Oct 19 appeared first on The Rio Times .
Brazil's stocks rose 0.5% on Monday, with Petrobras leading the gains, up 4%. The market opened with two domestic catalysts: the IGP-10 inflation gauge, released at 8:00 BRT, and the central bank's Focus survey at 8:25 BRT. Both provide insights into the Selic rate, the benchmark interest rate, ahead of the Copom meeting scheduled for November 3-4.
The IGP-10, a wholesale-driven inflation gauge from the FGV think tank, increased by 1.47% in September, marking a rise from a 0.51% decline in August. A higher October number could weaken bets on a rate cut, affecting shares that benefit from cheaper credit. Petrobras, a state-controlled oil major, saw a significant turnover of around R$3.3 billion (about US$655 million) in preferred shares, driving a 4.0% gain.
The market will focus on macro data and global market reactions, such as the VIX's jump to 19.99. The session was driven by domestic data points, with no published forecasts for the October IGP-10, making the Focus survey's median Selic path the variable to watch.
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