The Ibovespa rose 0.8% to close at 141,783 on Monday, led by industrials, commodity producers and banks after US signals dialled back weekend threats of tariffs and export controls on China, sharply reducing the near-term risk of a trade shock that would have hit Brazil’s exporters and supply chains. WEG, Banco do Brasil and Embraer gained between 1.3–3.1% and mega-caps Vale and Petrobras outperformed at 1.5% and 0.8% respectively as the trade thaw coincided with firmer commodity demand. Notably, record September iron-ore imports and a rebound in oil, which directly improves Brazil’s terms of trade and boosts expected dollar receipts for miners and energy producers. At the same time higher odds of US rate cuts eased global financing conditions. Domestically, softer inflation expectations have kept the case for a later, gradual monetary pivot intact, lengthening investors’ horizon for Brazilian equities.