巴西6个月期国债 (Brazil6M) 加自选

周五，Ibovespa指数微涨0.1%，收于134739点，投资者吸收了新的通胀数据、不断变化的全球贸易发展和一批令人失望的收益。工业冠军WEG和肉类生产商JBS和BRF领涨，上涨2.1%至4.4%，而矿业巨头淡水河谷在报告第一季度利润同比下降17%后下跌2.4%。4月份的IPCA-15月中指数同比上涨5.49%，与预期相符，但仍有所上升，并加强了人们对Copom将继续加息并保持紧缩融资条件的押注。与此同时，美中关税下调的初步迹象未能消除更广泛的不确定性，使许多投资者被边缘化。尽管周五小幅上涨，但Ibovespa指数本周收盘上涨3.9%。

The Ibovespa edged 0.1% higher to close at 134,739 on Friday, as investors absorbed fresh inflation figures, evolving global trade developments and a batch of underwhelming earnings. Industrial champion WEG and meat producers JBS and BRF led the advance, rising between 2.1% and 4.4%, while mining behemoth Vale slid 2.4% after reporting a 17% year-on-year drop in first-quarter profits. April’s IPCA-15 mid-month gauge rose 5.49% year-on-year—in line with expectations but still elevated—and reinforced bets that Copom will press on with further rate hikes and maintain tight financing conditions. Simultaneously, tentative signs of U.S.–China tariff rollbacks failed to dispel broader uncertainty, keeping many investors sidelined. Despite Friday’s modest gains, the Ibovespa finished the week up 3.9%.

周五，随着投资者消化了令人失望的收益、最新的通胀数据和不断变化的全球贸易动态，Ibovespa指数徘徊在134580点的水平以下。矿业巨头淡水河谷在公布第一季度利润同比下降17%后，股价下跌超过2%。与此同时，4月份的年度月中通胀指标上升至5.49%，与普遍看法一致，但仍处于高位，这增强了人们对韩国央行将继续加息并保持紧缩融资条件的预期。全球的不确定性加剧了国内的紧张局势，因为华盛顿和北京对关税下调的调情未能激发信心，并使投资者持观望态度。尽管工业冠军WEG和食品生产商JBS和BRF上涨了1.8%至3.2%，但令人失望的企业业绩、持续的核心通胀和贸易战的紧张情绪掩盖了这些强势。尽管如此，Ibovespa指数仍有望每周上涨3.5%以上。

The Ibovespa hovered below the flatline at the 134,580 level on Friday, as investors digested disappointing earnings, the latest inflation data and evolving global trade dynamics. Mining heavyweight Vale slid over 2% after reporting a 17% year-on-year decline in first-quarter profits. Meanwhile, April’s annual mid-month inflation gauge rose to 5.49% in line with consensus but still elevated—and reinforced expectations that Copom will press on with further rate hikes and maintain tight financing conditions. Global uncertainty compounded domestic strains, as Washington and Beijing’s flirtation with tariff rollbacks failed to inspire confidence and kept investors on the sidelines. Although industrial champion WEG and food producers JBS and BRF gained between 1.8% and 3.2%, these pockets of strength were overshadowed by disappointing corporate results, persistent core inflation and trade-war jitters. Still the Ibovespa was poised for a weekly gain of over 3.5%.

2025年4月上半月，巴西消费者价格指数环比上涨0.43%，低于3月同期的0.64%，符合市场预期。运输是唯一出现下降的类别（-0.44%），而食品和饮料（+1.14%）以及健康和个人护理（+0.96%）的增幅最大。这两个部分加起来占本月整体通胀的88%。按年计算，通货膨胀率加速至5.49%，为2023年2月以来的最高水平，高于上一时期的5.26%，与预测基本一致。

Brazil's consumer price index rose 0.43% month-over-month in the first half of April 2025, down from a 0.64% increase in the same period of March and in line with market expectations. Transportation was the only category to record a decline (-0.44%), while the largest increases were observed in food and beverages (+1.14%) and health and personal care (+0.96%). Together, these two segments accounted for 88% of the month’s overall inflation. On an annual basis, inflation accelerated to 5.49%, the highest rate since February 2023, up from 5.26% in the previous period, and broadly in line with forecasts.

巴西4月月中旬通胀达到预期（0.43%）。巴西4月月中旬通胀达到预期（0.43%）

Brazil Mid-month Inflation meets expectations (0.43%) in April.Brazil Mid-month Inflation meets expectations (0.43%) in April