巴西10年期国债 (Brazil10Y) 加自选

周二，由于全球贸易政策的不确定性抑制了投资者的热情，Ibovespa指数下跌0.2%，收于129245点。尽管特朗普总统暗示可能暂停对进口汽车和零部件征收25%的汽车关税，这让人短暂地感到乐观，但他前后不一致的政策信号加剧了人们对更广泛的贸易动态以及半导体和制药等行业监管转变前景的担忧。因此，人们普遍持谨慎态度，市场基本持平，大宗商品生产商和金融机构面临压力。巴西国家石油公司领跌，下跌2.2%，而铁矿石巨头淡水河谷下跌1.3%。

The Ibovespa fell 0.2% to close at 129,245 on Tuesday, as uncertainties over global trade policy dampened investor zeal. Although President Trump’s hints at potentially suspending the 25% auto tariffs on imported vehicles and parts offered a brief spark of optimism, his inconsistent policy signals have intensified apprehensions about wider trade dynamics and the prospects for regulatory shifts in sectors such as semiconductors and pharmaceuticals. As a result, caution has prevailed, leaving the market largely flat, with commodity producers and financial institutions coming under pressure. Petrobras led the decline, dropping 2.2%, while iron ore giant Vale tumbled 1.3%.

周二，由于全球贸易政策的不确定性削弱了投资者的热情，Ibovespa指数徘徊在129500点的水平以下。尽管美国总统特朗普在汽车关税问题上摇摆不定的立场——尤其是可能暂停对进口汽车和汽车零部件征收25%的关税——提供了一定程度的乐观，但他前后不一致的政策信号只会加深人们对更广泛的贸易动态以及半导体和制药等敏感行业监管变化可能性的担忧。因此，投资者采取了谨慎的态度，导致市场普遍持平，大宗商品生产商和金融机构面临负面压力。

The Ibovespa hovered below the flatline at the 129,500 level on Tuesday, as global trade policy uncertainty tempered investor enthusiasm. While U.S. President Trump’s wavering stance on auto tariffs—especially the potential suspension of the 25% tariffs on imported vehicles and auto parts—provided a measure of optimism, his inconsistent policy signals only deepened concerns over broader trade dynamics and the likelihood of regulatory shifts in sensitive sectors such as semiconductors and pharmaceuticals. Consequently, investors have adopted a cautious approach, leading to a generally flat market, with commodity producers and financial institutions experiencing negative pressure.

巴西央行表示，“疏通”货币政策渠道是一个挑战。巴西央行执行董事罗杰里奥·卢卡周一表示，疏通货币政策的传导渠道是一个潜在的挑战，他强调，一些信贷额度对利率变化的敏感性有限。

Brazil central bank says 'unclogging' monetary policy channels is a challenge.Brazilian central bank executive director Rogerio Lucca said on Monday that unclogging the transmission channels of monetary policy is a potential challenge, highlighting that some credit lines exhibit limited sensitivity to interest rate changes.

周一，Ibovespa指数上涨1.4%，收于129454点，受全球积极情绪和美国扩大对其最新关税措施的豁免后重新出现的乐观情绪的支撑，这引发了巴西大宗商品生产商和主要金融机构的上涨。上周末，美国海关宣布，包括智能手机、笔记本电脑和其他电子产品在内的特定科技产品将被排除在145%的针对中国的关税和10%的基准关税之外，这有助于缓解人们对全球两大经济体之间贸易紧张局势加剧导致的更广泛经济放缓的担忧。尽管特朗普总统表示，针对特定行业的额外关税，特别是对进口半导体的关税，仍然摆在桌面上，但市场从立即的缓解中得到了保证。涨幅广泛，权重股淡水河谷、安贝夫和WEG上涨1.2%至1.7%，而巴西银行、桑坦德银行、伊塔乌萨和Bradesco等金融股上涨0.9%至1.9%。

The Ibovespa rose 1.4% to close at 129,454 on Monday, supported by positive global sentiment and renewed optimism after the U.S. expanded exemptions to its latest tariff measures—sparking gains among Brazil’s commodity producers and major financial institutions. Over the weekend, U.S. Customs announced that select tech products—including smartphones, laptops, and other electronics—would be excluded from the 145% China-specific and 10% baseline duties, helping to ease fears of a broader economic slowdown amid intensifying trade tensions between the world’s two largest economies. While President Trump signaled that additional sector-specific tariffs, particularly on imported semiconductors, remain on the table, markets found reassurance in the immediate relief. Gains were broad-based, with heavyweights Vale, Ambev, and WEG rising between 1.2% and 1.7%, while financial stocks such as Banco do Brasil, Santander, Itaúsa, and Bradesco advanced between 0.9% and 1.9%.