The Ibovespa rose more than 0.5% to trade above 182,000 on Monday, as investors positioned for a busy week of corporate earnings. The fourth-quarter 2025 reporting season begins this week, with Itau (+0.7%) and Santander Brasil (+0.7%) set to report on February 4. Banking stocks advanced broadly, with Bradesco up 0.8% and Banco do Brasil close to 1%. Utilities also gained, led by Axia, up over 1%, and Sabesp, which rose 0.6% after announcing plans to launch a public tender offer for shares in Emae. Vale and Vivo both climbed more than 1%. In contrast, Petrobras dropped over 2.5% after US President Trump said Iran was “seriously talking” with Washington, easing concerns of military threats that were made last week, which could impact supply. Separately, Brazil’s Manufacturing PMI fell to 47.0 in January from 47.6, marking the weakest conditions in four months.