Brazil’s Ibovespa rose 0.9% to close at a fresh record of 166,277, supported by strength in heavyweight stocks that offset a softer global tone and lingering trade uncertainty. Commodity linked leaders underpinned the advance, with Petrobras firming 0.7% alongside higher oil prices and Vale 2% gaining on resilient iron ore pricing, helping anchor the index despite pressure in more rate sensitive and consumer facing names. Financials also contributed as stable domestic conditions and an orderly local rate curve sustained demand for large banks. In the meantime, Sabesp jumped 3.6% after regulatory approval for its acquisition of Emae, reinforcing confidence in corporate activity. While renewed tariff threats from the US and broader risk aversion tempered appetite for cyclicals, steady inflation expectations and a still supportive macro backdrop at home limited downside pressure.