巴西6个月期国债 (Brazil6M) 加自选

周五，Ibovespa指数上涨0.5%以上，至146500点，受巴西和美国通胀数据低于预期的支撑。在国内，月中通胀率降至5%以下，而美国10月份的通胀数据略低于预期。银行股上涨（Itaú上涨0.7%，Bradesco上涨0.6%），公用事业股上涨（Sabesp上涨1.7%，Eneva上涨3.7%）。Telefônica Brasil收购案获得反垄断批准后，巴西电信上涨1.4%。Azul股价上涨3.5%，因第11章后杠杆前景改善。Cosan在批准14.5亿雷亚尔的股票发行后上涨1.6%。在米纳斯吉拉斯州清除了一个关键的私有化障碍后，Copasa上涨2.6%。巴西国家石油公司在发布产量报告前上涨0.8%，而Braskem在批准力拓产能扩张后上涨2.2%。Usiminas在季度亏损35亿雷亚尔后下跌1.4%。

The Ibovespa rose over 0.5% to 146,500 on Friday, supported by softer-than-expected inflation prints in Brazil and the US. Domestically, mid-month inflation softened below 5%, while October's inflation print in the US was slightly under expectations. Banks gained (Itaú +0.7%, Bradesco +0.6%), as did utilities (Sabesp +1.7%, Eneva +3.7%). Telefônica Brasil advanced 1.4% after antitrust approval for its Fibrasil acquisition. Azul jumped 3.5% on improved leverage outlook post-Chapter 11. Cosan added 1.6% after approving a R$1.45 billion share offering. Copasa climbed 2.6% after Minas Gerais cleared a key privatization hurdle. Petrobras rose 0.8% ahead of its production report, while Braskem gained 2.2% after approving a capacity expansion in Rio. Usiminas fell 1.4% after a R$3.5 billion quarterly loss.

由于贸易顺差减少和初级收入差距扩大，巴西的经常账户赤字从一年前的74亿美元扩大到2025年9月的98亿美元。贸易顺差减少了22亿美元，而主要收入赤字增加了9.46亿美元。这些被6.4亿美元的服务赤字缩小和1.15亿美元的次级收入盈余增加所部分抵消。截至9月的12个月里，经常账户赤字增至789亿美元，相当于国内生产总值的3.61%，而8月份为766亿美元（3.53%），去年同期为498亿美元（2.23%）。

Brazil’s current account deficit widened to $9.8 billion in September 2025 from $7.4 billion a year earlier, driven by a smaller trade surplus and a wider primary income gap. The trade surplus fell by $2.2 billion, while the primary income deficit grew by $946 million. These were partly offset by a $640 million narrowing in the services deficit and a $115 million increase in the secondary income surplus. Over the 12 months through September, the current account deficit rose to $78.9 billion, equivalent to 3.61% of GDP, compared with $76.6 billion (3.53%) in August and $49.8 billion (2.23%) a year earlier.

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The Ibovespa rose 0.6% to close at 145,721 on Thursday, advancing for a second straight session supported by easing external risk and strong gains in the energy sector. The White House announcement that President Trump will meet President Xi next week reduced bilateral trade fears, supporting risk assets. Meanwhile, banks advanced after JPMorgan said it expects a solid, though not exceptional, third quarter for the sector. The bank noted that agribusiness loans remain a challenge, particularly for Banco do Brasil, while non-performing loans and risk costs may rise slightly but stay at healthy levels. Loan growth has exceeded expectations so far in 2025, though a slowdown is likely in the third quarter. Higher oil prices lifted Petrobras by 0.5%. Mega-cap WEG added 3.5% continuing to lead the index higher after a strong third quarter on Wednesday.

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The Ibovespa rose 0.6% to close at 145,721 on Thursday, advancing for a second straight session supported by easing external risk and strong gains in the energy sector. The White House announcement that President Trump will meet President Xi next week reduced bilateral trade fears, supporting risk assets. Meanwhile, banks advanced after JPMorgan said it expects a solid, though not exceptional, third quarter for the sector. The bank noted that agribusiness loans remain a challenge, particularly for Banco do Brasil, while non-performing loans and risk costs may rise slightly but stay at healthy levels. Loan growth has exceeded expectations so far in 2025, though a slowdown is likely in the third quarter. Higher oil prices lifted Petrobras by 0.5%. Mega-cap WEG added 3.5% continuing to lead the index higher after a strong third quarter on Wednesday.