巴西10年期国债 (Brazil10Y) 加自选

周四，Ibovespa指数上涨0.3%，超过123000点，创下五周新高，这得益于对中国需求增强的乐观情绪和对巴西财政纪律的重新信心。巴西国家石油公司和淡水河谷等大宗商品为主的股票分别上涨了约1%和0.5%，这得益于中国宣布大规模注资以稳定市场，这可能会增加对石油和铁矿石等巴西出口产品的需求。巴西银行领涨，涨幅超过2%，而Suzano和Rede D'Or各上涨1.5%以上。

The Ibovespa climbed 0.3% on Thursday, surpassing 123,000 points to reach a five-week high, driven by optimism surrounding stronger Chinese demand and renewed confidence in Brazil’s fiscal discipline. Commodity-heavy stocks, such as Petrobras and Vale, rose approximately 1% and 0.5%, respectively, bolstered by China’s announcement of substantial state fund injections to stabilize its markets, which could enhance demand for Brazilian exports like oil and iron ore. Domestically, the Lula administration's emphasis on inflation control and fiscal responsibility, reiterated by Chief of Staff Rui Costa, supported market sentiment amid ongoing deliberations on food price interventions. Banco do Brasil led gains, climbing over 2%, while Suzano and Rede D’Or advanced more than 1.5% each.

周三，Ibovespa指数下跌0.3%，收于122972点，因投资者在美国进口关税和监管政策持续存在的不确定性中保持谨慎。在国内，卢拉总统政府就财政责任和应对食品价格通胀的努力作出保证后，对信贷风险上升的担忧有所缓解。办公室主任鲁伊·科斯塔重申了政府对维持公共财政可持续性的承诺，强调财政调整和与各部委协调干预，以稳定通货膨胀和降低食品成本。在个股中，淡水河谷领跌，暴跌2.9%，而Ambev在花旗银行和桑坦德银行将评级下调至“中性”后下跌1.7%。与此同时，WEG和巴西银行帮助抵消了一些损失，分别上涨1.2%和1.9%。

The Ibovespa fell 0.3% to close at 122,972 on Wednesday as investors remained cautious amid ongoing uncertainty over US import tariffs and regulatory policies. Domestically, concerns over rising credit risks eased following assurances from President Lula’s administration regarding fiscal responsibility and efforts to tackle food price inflation. Chief of Staff Rui Costa reaffirmed the government’s commitment to maintaining public finance sustainability, emphasizing fiscal adjustments and coordinated interventions with ministries to stabilize inflation and reduce food costs. Among individual stocks, Vale led the losses, plunging 2.9%, while Ambev dropped 1.7% after Citi and Santander downgraded their ratings to "neutral." Meanwhile, WEG and Banco Do Brasil helped offset some losses, gaining 1.2% and 1.9%, respectively.

1月份，巴西雷亚尔兑美元汇率超过6，创下六周新高，因为人们对政府对财政责任的承诺重新充满信心。参谋长鲁伊·科斯塔强调财政纪律，并计划采取措施解决食品价格通胀问题，这反映了他对经济稳定的积极态度。这些努力旨在提高公共财政的可持续性，遏制通货膨胀，为房地产创造有利环境。从外部来看，货币受益于巴西中央银行维持的11.75%的相对较高的利率，这吸引了外国资本进入政府债券和以实物计价的资产。此外，缓解对全球货币紧缩的担忧，特别是来自美联储的担忧，缓解了美元的上行压力，间接支撑了雷亚尔。最后，包括大豆、铁矿石和石油在内的大宗商品出口强劲，提振了巴西的贸易顺差，支撑了对该货币的需求。

The Brazilian real strengthened past 6 per USD in January, marking a six-week high amid renewed confidence in the government's commitment to fiscal responsibility. Chief of Staff Rui Costa’s emphasis on fiscal discipline and planned measures to address food price inflation, reflect a proactive stance toward economic stabilization. These efforts aim to enhance public finance sustainability and curb inflation, creating a favorable environment for the real. Externally, the currency benefits from Brazil’s relatively high interest rate of 11.75%, maintained by the Brazilian central bank, which attracts foreign capital into government bonds and real-denominated assets. Furthermore, easing concerns over global monetary tightening, particularly from the US Federal Reserve, have alleviated upward pressure on the dollar, indirectly supporting the real. Finally, robust commodity exports, including soybeans, iron ore, and oil, bolster Brazil’s trade surplus, underpinning demand for the currency.

周三，Ibovespa指数徘徊在123300点的水平以下，因为投资者在美国进口关税和监管政策的不确定性挥之不去的情况下保持谨慎。在国内，卢拉总统政府就财政纪律和遏制食品价格通胀的努力作出保证后，市场情绪有所改善。办公室主任Rui Costa强调了政府对公共财政可持续性的承诺，强调了为确保财政平衡而进行的调整。他还概述了与各部委协调干预以降低食品成本的计划，表明了稳定通货膨胀的措施。在个股中，饮料生产商Ambev以2%的跌幅领跌，而Banco Bradesco、Localiza和Rumo Logistica的跌幅均超过1%。另一方面，巴西国家石油公司和WEG这两家圣保罗交易所最大的股东分别以约0.5%和1%的涨幅抵消了损失。

The Ibovespa hovered below the flatline at the 123,300 level on Wednesday, as investors exercised caution amid lingering uncertainty over US import tariffs and regulatory policies. Domestically, sentiment improved following reassurances from President Lula’s administration regarding fiscal discipline and efforts to curb food price inflation. Chief of Staff Rui Costa underscored the administration's commitment to public finance sustainability, highlighting adjustments to ensure fiscal balance. He also outlined plans for coordinated interventions with ministries to reduce food costs, signaling measures to stabilize inflation. Among individual stocks, beverage producer Ambev led the laggards with a 2% decline, while Banco Bradesco, Localiza, and Rumo Logistica fell over 1% each. On the other hand, Petrobras and WEG, two of the São Paulo's exchange largest constituents, offset losses with gains of around 0.5% and 1%, respectively.