The Ibovespa climbed 1.3% to close at 141,049 on Thursday, closing in on its record high because falling policy-rate risk abroad, a softer domestic inflation path and targeted domestic catalysts has materially lowered discount rates on Brazilian earnings and drawn fresh capital into local equities. US data revised Q2 GDP up to about 3.3 and Nvidia’s resilient results have pushed markets to price an imminent Fed easing cycle, which reduces global term premia and improves the appeal of higher-beta emerging market returns. Domestically the IPCA-15 slowed to 4.95% in August, narrowing the hurdle for Brazil’s rate cuts and bringing forward expectations for easing here, which both compresses local discount rates and lifts valuation multiples for rate-sensitive sectors. At the same time a sweeping federal police operation against fuel-sector fraud removed a layer of informal competition and immediately boosted compliant energy and downstream names such as Ultrapar, Ra