美国可可 (Cocoa) 加自选

巴西央行表示，高度不确定性阻碍了下次会议后的指导。巴西央行周二表示，鉴于不确定性加剧，它选择只发出下一步行动的方向信号，强调由于货币政策滞后，表示小幅加息是合适的。

Brazil central bank says high uncertainty prevents guidance beyond next meeting.Brazil's central bank said on Tuesday that given heightened uncertainty, it chose to signal only the direction of its next move, emphasizing that due to monetary policy lags, it was appropriate to indicate a smaller interest rate hike.

周一，Ibovespa指数下跌0.8%，收于131321点，投资者在对美国总统唐纳德·特朗普即将出台的互惠关税和新兴国内财政信号的新担忧中保持谨慎立场。报道显示，特朗普预计将把某些行业排除在4月2日生效的关税之外，这可能会缓解一些贸易中断，但仍存在不确定性。在国内方面，财政部长费尔南多·哈达德表示对财政框架的运作充满信心，同时承认“调整机器”对于其持续有效是必要的。与此同时，央行Focus调查的分析师下调了对巴西通胀和经济增长的预测。大多数股票交易持平或处于负值区域，Ambev、JBS、Companhia Sanea、B3和Rede D'or等主要股票下跌了1.5%至2%。

The Ibovespa dipped 0.8% to close at 131,321 on Monday as investors maintained a cautious stance amid fresh concerns over U.S. President Donald Trump’s forthcoming reciprocal tariffs and emerging domestic fiscal signals. Reports indicate that Trump is expected to exclude certain sectors from the tariffs set to take effect on April 2nd, which may mitigate some trade disruptions but still leaves uncertainty. On the domestic front, Finance Minister Fernando Haddad, expressed confidence in the functioning of the fiscal framework while acknowledging that “adjustments to the machine” are necessary for its continued effectiveness. Meanwhile, analysts in the Central Bank’s Focus survey trimmed their forecasts for both inflation and economic growth in Brazil. Most equities traded flat or in negative territory, with major names like Ambev, JBS, Companhia Sanea, B3, and Rede D'Or, declining between 1.5% and 2%.

部长表示，尽管面临挑战，巴西仍将追求2026年的基本盈余目标。巴西财政部长费尔南多·哈达德周一表示，政府将坚持明年的主要盈余目标，尽管这将是一个挑战，因为它准备向国会提交2026年的财政目标提案。

Brazil to pursue 2026 primary surplus target despite challenges, minister says.Brazil's Finance Minister Fernando Haddad said on Monday that the government is sticking to next year's primary surplus target even though it will be a challenge, as it prepares to submit its 2026 fiscal goal proposal to Congress.

周一，Ibovespa指数下跌0.3%，至略低于132000点，因为投资者在4月2日的关税截止日期前保持谨慎立场。尽管如此，有报道称，特朗普总统即将实施的关税将比最初担心的更有针对性，范围更小，从而减轻潜在的贸易中断。与此同时，积极的国内信号，如财政部长费尔南多·哈达德关于潜在有利通胀意外和战略性货币调整可能性的评论，以及对汇率、GDP和通胀的令人放心的预测，有助于限制下降。大多数股票交易持平或处于负值区域，Eletrobras、Companhia Sanea、Rede D'or和Embraer等主要股票下跌1.2%至2%。另一方面，铁矿石巨头淡水河谷（Vale）设法上涨了约1%，部分抵消了更广泛的市场谨慎。

The Ibovespa dipped 0.3% to just below 132,000 on Monday as investors maintained a cautious stance ahead of the April 2nd tariff deadline. Nonetheless, reports suggest that President Trump's impending tariffs will be more targeted and less extensive than initially feared, thereby mitigating potential trade disruptions. At the same time, positive domestic signals—such as Finance Minister Fernando Haddad's comments on potential favorable inflation surprises and the possibility of strategic monetary adjustments, along with reassuring forecasts for exchange rates, GDP, and inflation—have helped limit the decline. Most equities traded flat or in negative territory, with major names like Eletrobras, Companhia Sanea, Rede D'Or, and Embraer declining between 1.2% and 2%. On the other hand, iron ore giant Vale managed to climb approximately 1%, partially offsetting the broader market caution.