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周五，Ibovespa指数上涨0.5%，收于149540点，得益于一系列乐观的企业业绩和仍然强劲的劳动力市场。淡水河谷股价上涨2.3%，此前该公司公布第三季度净利润为26.8亿美元，同比增长11%，远高于普遍预期的21亿美元。Azul上涨2.7%，调整后的第三季度营业利润率为20.6%，息税折旧摊销前利润率为33.5%。伊朗股市上涨2.7%，净利润增长5.3%至4210万雷亚尔，调整后息税折旧摊销前利润增长15.9%。Vulcabras股价飙升4.3%，经常性净利润增长11.6%，未调整利润增长近两倍。尽管调整后的净利润下降23.9%，至10.9亿雷亚尔，但Gerdau仍上涨1.2%，反映出地区动态喜忧参半。下行方面，尽管业绩良好，维梧仍下跌约6%，而Multiplan下跌0.7%，Marcopolo在利润低于预期后下跌10.5%。盈利强劲、健康的收入基本面和稳定的就业相结合，有助于维持股市需求直至收盘。

The Ibovespa rose 0.5% to close at 149,540 on Friday, buoyed by a batch of upbeat corporate results and a still-robust labour market. Vale climbed 2.3% after reporting 3Q25 net profit of $2.68 billion, up 11% year on year and comfortably above the $2.1 billion consensus. Azul advanced 2.7% on an adjusted Q3 operating margin of 20.6% and an EBITDA margin of 33.5%. Irani gained 2.7% after net profit rose 5.3% to R$42.1 million and adjusted EBITDA expanded 15.9%. Vulcabras surged 4.3% as recurring net profit grew 11.6% and unadjusted profit nearly tripled. Gerdau added 1.2% despite a 23.9% decline in adjusted net profit to R$1.09 billion, reflecting mixed regional dynamics. On the downside Vivo fell about 6% despite positive results, while Multiplan dipped 0.7% and Marcopolo retreated 10.5% after weaker-than-expected profits. The combination of earnings beats, healthy income fundamentals and steady employment helped sustain demand for equities into the close.

哥伦比亚央行在2025年10月将基准政策利率维持在9.25%不变，四名董事投票维持不变，两名董事支持降息50个基点，一名董事支持25个基点。9月份，年通胀率上升至5.2%，而不包括食品和受监管价格在内的核心通胀率仍保持在4.8%，均高于3%的目标，表明趋同速度放缓。通胀预期上升，调查和市场指标目前高于未来两年的目标。指标表明，在私人和公共消费的带动下，国内需求持续保持活力，机械设备和土木工程投资反弹。美国降息后，外部金融状况有所缓解，而由于国内需求强劲，进口增长快于出口，贸易逆差扩大。董事会强调，未来的政策举措将应对通货膨胀及其预期的演变、经济活动的动态以及内部和外部风险的平衡。

The Central Bank of Colombia left its benchmark policy rate unchanged at 9.25% in October 2025, with four directors voting to maintain, two for a 50bps cut and one for 25bps. Annual inflation rose to 5.2% in September while core inflation excluding food and regulated prices remained at 4.8%, both above the 3% target and signalling slower convergence. Inflation expectations increased and survey and market measures now sit above the target for the next two years. Indicators point to continued dynamism in domestic demand led by private and public consumption and a rebound in investment in machinery and equipment and civil works. External financial conditions have eased following US rate cuts, while the trade deficit widened as imports rose faster than exports amid strong domestic demand. The Board emphasised that future policy moves will respond to the evolution of inflation and its expectations, the dynamics of economic activity, and the balance of internal and external risks.

10年期巴西国债收益率跌至约13.8%，尽管由于通胀预期疲软和风险溢价降低，劳动力市场仍然紧张。通胀数据疲软和通胀预测下调降低了投资者持有长期实际回报所需的补偿。国内基本面仍保持支撑，失业率为5.6%，基准利率接近15%，但市场现在正在为更稳定的政策路径定价，而不是进一步收紧，限制了这些因素提供的提振。最后，在中美最近的事态发展降低了最近推高收益率的贸易中断风险溢价后，外国资金再次流入。

The 10-year Brazil yield fell to about 13.8%, despite a still tight labour market amid softer inflation expectations and reduced risk premiums. Softer inflation readings and downgraded inflation forecasts have lowered the compensation investors require for holding long real returns. Domestic fundamentals remain supportive in isolation with unemployment at 5.6% and the Selic near 15%, but markets are now pricing a steadier policy path rather than further tightening, limiting the lift those factors provide. Finally renewed foreign inflows after recent US–China developments reduced the trade disruption risk premium that pushed yields higher recently.

哥伦比亚的失业率在2025年9月降至8.2%，为2024年11月以来的最低水平，低于一年前的9.1%，也低于8.5%的市场预期。女性失业率为9.6%，而男性失业率为7.1%。失业人数下降了20.4万人，至213万人，而青年失业率下降了1.9个百分点，至14.6%。总就业人数增加了714000人，达到2392万人，其中制造业创造了24.4万个就业岗位。劳动力参与率从63.5%上升到63.9%，就业人口比从一年前的57.7%上升到58.7%。

Colombia’s unemployment rate fell to 8.2% in September 2025, the lowest level since November 2024, down from 9.1% a year earlier and below market expectations of 8.5%. Female unemployment stood at 9.6%, while male unemployment was 7.1%. The number of unemployed declined by 204,000 to 2.13 million, while youth unemployment dropped 1.9 percentage points to 14.6%. Total employment rose by 714,000 to 23.92 million, with manufacturing leading job creation, adding 244,000 workers. The labor force participation rate increased to 63.9% from 63.5%, and the employment-to-population ratio rose to 58.7%, up from 57.7% a year earlier.