周四，由于国内企业实力和支持性政治信号缓和了全球贸易的不确定性，Ibovespa指数徘徊在127300点的水平之上。关键行业的强劲表现提振了投资者信心，淡水河谷股价上涨超过2%，得益于成本降低和资本支出调整带来的利润率提高，而巴西银行和盖尔道等权重股的稳健盈利进一步提供了支撑。然而，巴西银行的股价下跌了3%以上，因为投资者对其股本回报率从22.5%下降到20.8%以及信贷拖欠率从2.9%上升到3.3%做出了反应，这表明尽管收益接近预期，且对2025年的利润预测乐观，但潜在的资产质量问题仍然存在。卢拉总统的讲话令人放心，他表示，如果美国的关税针对巴西的产品，巴西将作出回应，美元疲软进一步增强了当地的竞争力。

The Ibovespa hovered above the flatline at the 127,300 level on Thursday as domestic corporate strength and supportive political signals tempered global trade uncertainties. Robust performance in key sectors boosted investor confidence with Vale’s shares rising over 2% on improved margins from lower costs and capex revisions, while solid earnings from heavyweights like Banco do Brasil and Gerdau added further support. However, Banco do Brasil’s shares dropped over 3% as investors reacted to a decline in its return on equity from 22.5% to 20.8% and a rise in its credit delinquency rate from 2.9% to 3.3%, signaling potential asset quality concerns despite near in-line earnings and optimistic profit projections for 2025. Reassuring remarks from President Lula, who signaled that Brazil would reciprocate if U.S. tariffs targeted its products, and a weakening dollar further enhanced local competitiveness.

天然气价格展望——周四早盘天然气有望出售。周四凌晨，天然气市场出现了相当大的抛售，因为市场继续看到有关美国天气的问题。这是一个也准备交易春季合约的市场。

Natural Price Outlook – Natural Gas Sees Selling Early on Thursday.The natural gas market has sold off quite a bit in the early hours of Thursday, as the market continues to see questions about the weather in the United States. This is a market that is also getting ready to trade spring contracts.

2月份欧元区消费者信心高于预期（-14）：实际（-13.6）。2月份欧元区消费者信心高于预期（-14）：实际（-13.6）

Eurozone Consumer Confidence above expectations (-14) in February: Actual (-13.6).Eurozone Consumer Confidence above expectations (-14) in February: Actual (-13.6)

原油价格展望——周四早盘原油价格上涨。原油市场继续出现很多噪音，但在这个时候，市场仍然处于非常不稳定的状态，仍在努力确定我们是否会看到大量的需求。很快，我认为情况就会如此。

Crude Oil Price Outlook – Crude Oil Rallies Early on Thursday.The crude oil market continues to see a lot of noise, but at this point in time, the market is still very much in flux and is still trying to determine is we are going to see a lot of demand. Soon, I think this will be the case.