SAO PAULO (Reuters) – Brazilian stocks rose to a record high on Thursday, as the U.S. Federal Reserve signaled toward lower interest rates in 2024, while the local central bank cut benchmark rates by 50 basis points, indicating it will keep reducing at that pace past its next meeting in January.
According to preliminary data, Brazil’s equities benchmark index Bovespa settled up 1% on Thursday, reaching a new closing record high of 130,807.49 points. The previous record had been set in June 2021.
Ibovespa’s positive session was also helped by oil firm Petrobras’ shares, which were up 2% at the provisional close as oil prices trended higher.
(Reporting by Andre Romani and Paula Arend Laier; Editing by Kylie Madry)
