The Ibovespa rose 0.4% to close at 144,062 on Tuesday, extending record gains as the central bank’s Copom opened its policy meeting, the Selic is widely expected to be held at 15% on Wednesday. On the data front, Brazil’s unemployment rate fell to 5.6% in the quarter through July, the lowest in the series since 2012 and in line with the bottom of market forecasts, reinforcing the case for a cautious policy stance. In the US, markets are pricing a 25bp Fed cut at Wednesday’s decision, which underpinned a softer dollar and added external support to the real. Among stocks, BRF (5.1%), Marfrig (6.0%) and Lojas Renner (4.9%) led gains, while oil’s rise and lower future interest rates helped sustain the market’s advance.