巴西IBOVESPA股指 (iBovespa) 加自选

巴西央行行长表示，3月后将根据需要调整利率。巴西央行货币政策主管Nilton David周五表示，鉴于其对即将加息的指导，巴西央行确信货币政策比正常情况更具限制性，并将在未来根据需要进行调整。

Brazil's central bank director says rates will be adjusted as needed after March.Brazil's central bank is convinced that monetary policy is more restrictive than normal given its guidance for an upcoming interest rate hike, and will adjust it as needed going forward, its monetary policy director, Nilton David, said on Friday.

周五，Ibovespa指数下跌0.2%，至127500点以下，为每周下跌0.5%以上奠定了基础，因为特朗普总统再次发出美国关税威胁和持续的地缘政治紧张局势，特别是在全球贸易不确定性和乌克兰冲突的情况下，促使投资者减少在巴西市场的风险敞口。此外，令人失望的公司业绩给市场带来了沉重的压力，尽管BB Seguridade的盈利强劲，超过了预期，但其股价暴跌了7%以上，因为投资者关注的是2025年预期的0.4%的收入下降，这与其15%的历史增长和4.4%的行业平均水平形成了鲜明对比，这引发了人们对其相对于同行的长期前景的担忧。此外，B3和Lojas Renner在第四季度数据疲软后分别下跌超过2%和7%。

The Ibovespa fell 0.2% to below the 127,500 level on Friday, setting the stage for a weekly decline of over 0.5% as renewed U.S. tariff threats by President Trump and ongoing geopolitical tensions—particularly amid global trade uncertainties and the Ukraine conflict—prompted investors to scale back risk exposure in the Brazilian market. Additionally, disappointing corporate results weighed heavily on the market, with BB Seguridade's shares plunged over 7% despite strong earnings that beat forecasts, as investors focused on a forecasted 0.4% revenue decline for 2025, a stark contrast to its historical 15% growth and the industry's 4.4% average, which raised concerns about its long-term prospects relative to peers. Additionally, B3 and Lojas Renner fell over 2% and 7%, respectively, after weak fourth-quarter data.

巴西在所得税改革中面临抵消更广泛豁免的挑战。巴西财政部长周五表示，即将到来的所得税改革的挑战不是免除每月收入高达5000雷亚尔（876美元）的工人，而是通过对目前不纳税的人征税来抵消这种收入损失。

Brazil sees challenge to offset broader exemption in income tax reform.Brazil's finance minister said on Friday that the challenge of an upcoming income tax reform will not be exempting workers earning up to 5,000 reais ($876) per month, but rather offsetting such revenue loss by taxing those who currently do not pay the tax.

周四，Ibovespa指数微涨0.2%，收于127601点，得益于强劲的国内企业表现和缓和全球贸易不确定性的支持性政治信号。关键行业的强劲增长提振了投资者信心——淡水河谷股价飙升3.5%，得益于成本降低和资本支出调整带来的利润率提高，而巴西银行和盖尔道等权重股的稳健盈利提供了额外支撑。然而，巴西银行股价下跌3.2%，原因是投资者对其股本回报率从22.5%降至20.8%，信贷违约率从2.9%上升至3.3%做出了反应，尽管盈利接近预期，2025年利润预测乐观，但这引发了人们对资产质量的担忧。此外，由于投入成本上升和全球钢铁需求疲软带来的利润压力，盖尔道股价暴跌5%，订单疲软加剧了投资者的担忧。

The Ibovespa edged up 0.2% to close at 127,601 on Thursday, buoyed by strong domestic corporate performance and supportive political signals that tempered global trade uncertainties. Robust gains in key sectors bolstered investor confidence—Vale’s shares surged 3.5% on improved margins from lower costs and capex revisions, while solid earnings from heavyweights like Banco do Brasil and Gerdau provided additional support. However, Banco do Brasil’s shares fell 3.2% as investors reacted to a decline in its return on equity from 22.5% to 20.8% and a rise in its credit delinquency rate from 2.9% to 3.3%, raising concerns over asset quality despite near in-line earnings and optimistic profit projections for 2025.Additionally, Gerdau's shares plunged 5% due to margin pressures from rising input costs and weakening global steel demand, as softening order books amplified investor concerns.