Ibovespa Closes 1.23% Higher at 167,563.47 Points

The Ibovespa closed at 167,563.47 points on Wednesday, November 4, gaining 1.23% and ending a six-session losing streak. The session took place against a more favorable international backdrop, although Petrobras shares remained under pressure as oil prices fell.

BPMoney reported the final level and said the recovery followed gains in US markets after the US legislative elections. The Dow Jones rose 3.03%, the S&P 500 gained 1.58% and the Nasdaq advanced 1.44%, according to the same report.

External relief offsets domestic pressure

The rebound came after investors used lower share prices to rebuild positions in selected Brazilian companies. BPMoney cited Vamos, Santander and Assai among the positive highlights, while BB Seguridade and Marcopolo were among the decliners. Prio was pressured by the decline in Brent crude.

The broader market move was not uniform. In a report published at the close, Reuters, published by UOL, described the gain as a pause supported by the external environment, while noting that Petrobras fell sharply as oil prices weakened. The report also said the earnings season remained on investors' radar.

Copom remains the next domestic catalyst

Attention remained focused on the Central Bank's Monetary Policy Committee, known as Copom, which was due to announce its interest-rate decision after the trading session. BPMoney reported that most analysts expected the Selic rate to remain at 13.75% per year, while a minority still considered a 0.25-percentage-point cut possible.

Investors were also looking ahead to the US employment report scheduled for Friday, November 6. That data may influence expectations for the Federal Reserve and add another source of volatility after Wednesday's sharp improvement in global risk appetite.

Further coverage of the Bovespa is available on the topic page.