The Ibovespa edged up to trade above 174,000 on Thursday as investors assessed another round of corporate earnings. Vale (+2%) is set to report second-quarter results after the market close. Other notable performers included Axia (+1.5%), WEG (+1.5%) and Rede D'Or (+2%). Ambev fell 3% despite posting stronger second-quarter net income, as revenue and EBITDA missed market expectations. Santander Brasil slipped 0.6% after disappointing second-quarter results prompted JPMorgan to downgrade the stock to Neutral. Meanwhile, Bradesco dropped 3% after announcing a capital increase of up to R$10 billion, with controlling shareholders committing to subscribe up to R$8 billion. On the data front, Brazil's unemployment rate fell to 5.4% in the quarter ending in June, reinforcing signs of a resilient labor market. Recent BCB communications have highlighted greater upside than downside risks to inflation, suggesting the current interest rate-cutting cycle may soon pause.