The Ibovespa climbed 0.5% to close at 132,726 on Tuesday as a combination of easing trade-war anxieties, firming commodity prices and corporate catalysts lifted Brazil’s benchmark. Renewed US–China tariff-truce talks and the US–EU framework agreement capped the threat of broader duties on Brazilian exports, providing relief to agribusiness and industrial names, while Brent crude’s jump above $72 on fresh Russia–Ukraine sanctions fears underpinned oil-and-gas producers. At the same time, Embraer rallied 2.5% after the government signaled contingency support to shield its jet exports from the looming 50% US tariff. On the macro front, stronger-than-expected July business-confidence readings and IMF comments that Brazil’s fiscal trajectory remains manageable reinforced hopes that the Central Bank will maintain a steady Selic at this week’s Copom meeting—balancing inflation control with growth support.