The Brazilian stock market reached a new milestone this Tuesday (September 23, 2025), with the Ibovespa closing at an all-time high of 146,425 points, up 0.91%. During the session, the index briefly touched 147,178 points, reflecting a wave of optimism sparked by an unexpected diplomatic gesture between Brazilian President Luiz Inácio Lula da Silva and former U.S. President Donald Trump at the United Nations General Assembly.
Lula and Trump: An Unlikely Truce
Markets reacted positively after Trump praised Lula, saying they had “excellent chemistry” and confirming a direct meeting scheduled for next week. These remarks softened concerns around recent U.S. sanctions against Brazil and improved global investor confidence.
- The Brazilian real strengthened, with the dollar (Ptax) falling 0.74% to R$ 5.3063.
- Risk assets saw broad gains, boosting equities across several sectors.
Although Trump also criticized Brazil over tariffs and freedom of speech, the conciliatory tone was enough to calm investors who feared harsher measures amid former President Jair Bolsonaro’s trial in Brazil’s Supreme Court.
Lula’s Speech at the UN
In his address, Lula emphasized Brazil’s defense of democracy and national sovereignty, denounced unilateral interventions, and cited Bolsonaro’s conviction as proof of institutional resilience. He also tackled topics such as:
- Global inequality
- Internet regulation
- Ongoing geopolitical conflicts
This helped reinforce Brazil’s position as an active voice in multilateral diplomacy.
Analysts: A Temporary Relief, Not Structural Change
Market strategists caution that the rally reflects short-term relief rather than a long-term shift in U.S.-Brazil relations. However, the possibility of direct dialogue between Lula and Trump opens room for optimism regarding foreign capital inflows and potential tariff negotiations.
Copom Minutes: Interest Rates Stay High
On the domestic front, investors also digested the Central Bank’s latest minutes. The Monetary Policy Committee (Copom) reaffirmed its hawkish stance, maintaining the Selic rate at 15% for a prolonged period. Policymakers highlighted:
- A slowdown in inflation
- Moderate economic activity
- The possibility of raising rates again if necessary
Sector Highlights on the Ibovespa
The positive momentum spilled into key stocks, though not evenly across the board.
- Petrobras (PETR4) jumped 1.69%, tracking Brent crude’s 1.98% rise to $67.89, after Trump’s comments on Ukraine and Gaza.
- Marfrig (MBRF3), the newly merged entity with BRF, fell sharply by 6.72% in its first trading session — the day’s biggest loser.
- Lojas Renner (LREN3) slipped 2.15% amid pressure on retail margins, while analysts remain cautiously optimistic for the medium term.
- WEG (WEGE3) declined 1.11% despite announcing a $77 million expansion in its U.S. plant, reflecting investor anxiety over Trump’s tariff measures.
- Cosan (CSAN3) rebounded 3.26% after plunging 18.13% the previous day due to its R$ 10 billion capital raise plan.
- Raízen (RAIZ4) dropped 1.68%, weighed down by sector concerns.
- Localiza (RENT3) surged 3.73%, supported by resilient demand in car rentals and stable interest rate prospects. The company also approved R$ 543.4 million in dividends to be paid on November 18.
Top Gainers
- Pão de Açúcar (PCAR3): +4.12%
- RaiaDrogasil (RADL3): +3.92%
- Localiza (RENT3): +3.73%
- Cosan (CSAN3): +3.26%
- Banco do Brasil (BBAS3): +2.88%
Top Losers
- Marfrig (MBRF3): -6.72%
- Braskem (BRKM5): -2.38%
- Lojas Renner (LREN3): -2.15%
- Raízen (RAIZ4): -1.68%
- Natura (NATU3): -1.60%
Wall Street Ends Lower
While Brazil celebrated new records, U.S. markets closed in the red:
- Dow Jones: -0.19%
- Nasdaq: -0.95%
- S&P 500: -0.55%
Final Takeaway
A máxima histórica do Ibovespa destaca como gestos políticos e diplomacia global podem influenciar instantaneamente os mercados financeiros . Para os investidores, a trégua Lula-Trump é um lembrete de que fatores externos além dos fundamentos econômicos podem abrir oportunidades ou riscos em mercados emergentes como o Brasil.