巴西IBOVESPA股指 (iBovespa) 加自选

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.

周五，Ibovespa指数上涨0.2%，收于132190点，周涨幅为2.5%，因投资者对巴西2025年预算批准和央行货币政策信号反应积极。周四，国会通过了2025年预算法案，预计主要盈余为150亿巴西雷亚尔，由于收入预测的修订，大大高于8月份最初预计的37亿巴西雷亚勒。与此同时，巴西央行连续第三次加息100个基点，维持其政策立场，但在经济减速的迹象下，暗示未来加息可能放缓。然而，对全球贸易战加剧和美国贸易政策演变的担忧限制了收益。特朗普总统提到了他的互惠关税计划的“灵活性”，尽管他反对为新关税做出例外。在个股中，Hypera飙升3.2%，尽管其净收入下降了74.2%，原因是其努力优化营运资金。

The Ibovespa gained 0.2% to close at 132,190 points on Friday, securing a 2.5% weekly rise as investors reacted positively to Brazil’s 2025 budget approval and central bank monetary policy signals. On Thursday, Congress passed the 2025 budget bill, forecasting a primary surplus of BRL 15 billion, significantly higher than the BRL 3.7 billion initially expected in August, due to revised revenue projections. Meanwhile, Brazil’s central bank raised interest rates by 100 bps for the third consecutive meeting, maintaining its policy stance but signaling a potential slowdown in future hikes amid signs of economic deceleration. However, concerns over an intensifying global trade war and evolving U.S. trade policies limited gains. President Trump mentioned "flexibility" on his reciprocal tariff plan, although he opposed making exceptions for the new duties. Among individual stocks, Hypera surged 3.2%, despite reporting a 74.2% drop in net income, citing efforts to optimize its working capital.