Brazil’s Financial Morning Call for Thursday, June 25, 2026

Key Points

The dollar climbed to about 5.20 reais on Wednesday, its strongest since March, as a worldwide rush into safe assets lifted the US currency and Treasuries.

Brazil’s Ibovespa slipped 0.44% to 170,507, a modest pause that still held well above the floor it broke higher from this week.

Two big inflation tests land this morning: Brazil’s mid-month price index and, more importantly, the US gauge the Federal Reserve watches most closely.

The squeeze on the real reflects a shrinking gap: the Fed is leaning toward higher rates while Brazil is expected to keep cutting, narrowing Brazil’s yield advantage.

Even so, foreign money keeps arriving, with Brazil drawing a net 8.2 billion dollars in June through the 19th, by official central bank data.

The rest of Latin America fell harder, with Argentina down 4.25% and Colombia off 3.24% as their recent rallies unwound.

Oil kept sliding as more tankers prepared to leave the Strait of Hormuz, pressuring Petrobras but easing the inflation outlook.

Today’s Focus

The mood has turned defensive. A global flight to safety on Wednesday sent investors piling into the US dollar and government bonds, pushing the dollar to about 5.20 reais, its strongest level against Brazil’s currency since March.

Brazil’s stock market took it in stride, slipping only slightly and holding most of this week’s gains. But the currency move is the clearer signal, and it points to a world bracing for today’s all-important US inflation reading.

At home, Brazil gets its own inflation preview this morning, a mid-month index that feeds directly into the debate over how much further the central bank can cut interest rates.

What to watch. Two readings dominate the day: Brazil’s mid-month inflation at 9 a.m. Brasília time, then the US personal consumption price index an hour later. A hot US number would harden bets on a rate hike and likely push the dollar higher still.

01 The dollar takes command

The standout move on Wednesday was in the currency market, not stocks. The dollar pushed to around 5.20 reais, its firmest since March, as investors worldwide sought shelter in the US currency and Treasuries amid jittery global markets. The Ibovespa, by contrast, dipped just 0.44% to 170,507, a calm pause after a strong run.

The pressure on the real has a clear cause. With the Federal Reserve leaning toward higher US rates while Brazil’s central bank is still expected to cut, the gap between the two, long a magnet for foreign money, is starting to narrow. That makes the real a little less irresistible than it was.

Assessment — A currency under pressure, stocks holding firm MEDIUM

The split is telling: Brazilian stocks are weathering the storm while the real bends. As long as foreign inflows continue, equities can hold their ground, but a stronger dollar caps how far they can climb. Today’s twin inflation readings will set the near-term tone.

02 Money keeps coming in

For all the pressure on the currency, foreign investors have not turned away from Brazil. According to the central bank’s own flow data, the country drew a net 8.2 billion dollars in the first nineteen days of June, a sign that global money still sees value in Brazilian assets even as the dollar strengthens.

The appeal is straightforward. Brazil’s market is cheap relative to an expensive Wall Street, and its high interest rates still reward patient investors. This week’s rotation out of pricey US technology and into cheaper markets has played directly to that strength.

Live Market IntelligenceBrazil — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

Rio Times · Live Market Intelligence

Brazil — Live Market Board

B3 · São Paulo

Jun 25, 2026 · 04:18

Ibovespa · benchmark

170,507

-0.44%

+24.31% over 12 months

Market breadth · 15 names

33% advancing

5 ▲ advancing10 declining ▼

Currencies, rates & key inputs

USD / BRL

5.18

-0.28%

EUR / BRL

5.88

-0.48%

Selic rate

14.25%

·

Brent crude

72.66

-1.46%

Iron ore

161.91

·

Sector heatmap · average move today

Utilities

+2.94%

ENEV3

Industrials

+0.96%

WEGE3, RENT3

Materials

+0.60%

SUZB3

Consumer Staples

+0.06%

ABEV3

Financials

+0.05%

ITUB4, BBDC4, BBAS3, B3SA3

Mining

-2.51%

VALE3, CSNA3, GGBR4

Energy

-3.11%

PETR4, PRIO3

Consumer Disc.

-3.93%

AZZA3

Latin America scoreboard

IndexLastTodayStrength

IbovespaBrazil

170,507

-0.44%

S&P/BMV IPCMexico

66,278

-0.85%

S&P IPSAChile

10,675

-0.88%

S&P MERVALArgentina

3,110,490

-4.25%

MSCI COLCAPColombia

2,270.97

-3.24%

BVL S&P PerúPeru

55,438.99

-0.40%

Full instrument board

InstrumentLastChangeYoYPrev.HighLowVolume

IBOV

170,507

-0.44%

+24.31%

171,259

—

—

—

USD/BRL

5.18

-0.28%

-5.98%

5.20

5.20

5.18

—

SELIC

14.25%

—

—

—

—

—

PETR4

38.29

-2.64%

+22.06%

39.33

38.98

38.14

59,107,800

VALE3

77.73

-2.08%

+53.80%

79.38

78.86

77.16

22,524,400

ITUB4

40.97

-0.19%

+13.29%

41.05

41.48

40.81

22,015,500

BBDC4

17.65

-1.07%

+6.71%

17.84

18.00

17.61

76,070,600

BBAS3

19.73

-0.65%

-7.98%

19.86

20.06

19.68

16,272,600

B3SA3

15.03

+2.11%

+10.72%

14.72

15.11

14.60

59,844,000

ABEV3

16.38

+0.06%

+21.24%

16.37

16.52

16.25

22,809,100

WEGE3

46.61

+1.97%

+12.48%

45.71

46.62

45.38

9,601,000

PRIO3

54.10

-3.57%

+30.17%

56.10

55.48

53.59

11,009,900

SUZB3

42.20

+0.60%

-18.61%

41.95

42.20

41.32

8,539,800

RENT3

41.76

-0.05%

-4.02%

41.78

42.22

41.26

10,393,300

AZZA3

19.31

-3.93%

-52.17%

20.10

20.16

19.00

3,872,300

CSNA3

5.06

-3.98%

-33.68%

5.27

5.26

5.01

22,580,500

GGBR4

21.38

-1.47%

+32.88%

21.70

21.63

21.21

12,224,800

ENEV3

25.94

+2.94%

+84.50%

25.20

25.94

24.97

8,509,300

Largest moves today

CSNA3

5.06

-3.98%

AZZA3

19.31

-3.93%

PRIO3

54.10

-3.57%

ENEV3

25.94

+2.94%

PETR4

38.29

-2.64%

B3SA3

15.03

+2.11%

VALE3

77.73

-2.08%

WEGE3

46.61

+1.97%

The session read

The Ibovespa eased 0.44%, with breadth negative — 5 of 15 names higher. Utilities led, while Consumer Disc. lagged.

03 Inflation, here and abroad

Today brings a double dose of inflation news. Brazil’s mid-month price index is expected to show the annual rate rising to about 4.82%, up from 4.64% and still above the central bank’s target ceiling, by IBGE data. That keeps pressure on policymakers who cut the Selic rate to 14.25% this month while warning that inflation risks are tilting higher.

The bigger market mover comes from the United States. The Federal Reserve’s preferred inflation gauge is due an hour later, and a reading hotter than expected would reinforce bets that the next US move is a rate hike, strengthening the dollar and squeezing the real further. A softer number would offer Brazil some relief.

04 Economic Calendar

Key Events — Thursday, June 25

09:00 BRT

Brazil mid-month inflation (June) — A preview of consumer prices, expected to edge up and stay above the central bank’s target ceiling.

09:30 BRT

US PCE inflation (May) — The Federal Reserve’s favorite price gauge, the single most important release of the day for global markets.

09:30 BRT

US first-quarter GDP and durable goods — A read on the health and momentum of the American economy.

16:00 BRT

Mexico interest rate decision — The region’s central bank is widely expected to hold its key rate at 6.50%.

05 The rest of Latin America

Brazil’s relative calm stood out against a sharp regional sell-off. Argentina tumbled 4.25% and Colombia fell 3.24%, both deep into unwinding the powerful rallies that had carried them to recent highs. Chile and Mexico each slipped under 1%.

The reversal has been swift. The markets that led the region higher in mid-June are now leading it lower, while Brazil, the recent laggard, has become the steadier port in the storm. A weaker oil price helps the importers among them but weighs on energy-heavy names.

06 Bottom Line

The Takeaway

Brazil is holding up well where it counts most for now: its stock market is steady and foreign money is still flowing in. The strain is showing in the currency, where a global dash for the dollar has pushed the real to its weakest since March.

The day ahead is about inflation. Brazil’s own preview matters, but the US reading matters more, because it will shape the dollar and the Fed’s next move, the two forces pressing hardest on Brazilian assets right now.

The bottom line: stocks steady, currency strained. Today’s US inflation print is the swing factor, and a hot number would tighten the screw on the real.