Brazilian Stocks Rise on Friday: Ibovespa IndexThe Ibovespa rose by 0.7% to above the 131,600 level on Friday, reversing previous sessions of losses amid rising oil prices and lower future interest rates.
The US and the UK conducted airstrikes on Houthi targets in Yemen, disrupting commercial routes in the Red Sea and causing supply disruptions.
This led to a week-ending surge in oil prices, benefiting heavyweight oil giant Petrobras, which rose nearly 1%. Renewed hopes for early 2024 Fed rate cuts, driven by December's disinflationary producer prices, boosted credit-sensitive equities, with Magazine Luiza (4.6%), Atacadao (3.4%), and Lojas Renner (2.6%) leading as top performers. Conversely, the financial sector faced pressure due to the potential for Fed rate cuts, resulting in an average decline of 0.4%. On the week, the Ibovespa has lost 0.6%.
