Brazil Stocks Hit Record as Traders See Local Rates Peaking

Brazil’s stock market hit an all-time high Thursday amid a broad rally in global markets and expectations that local interest rates are nearing a peak.

Brazil’s benchmark Ibovespa stock index rose as much as 3.2% to 137,634.6 points, its highest intraday level on record. The rebound follows a dire end of 2024, which saw assets slide amid concerns about the country’s budget. Stocks are up 14% this year — almost triple the gains seen in the MSCI gauge of emerging equities in the span. The S&P 500 index, while up on Thursday, is down more than 2.8% year-to-date.