While U.S. markets are closed for the Independence Day holiday, traders can expect lower trading volumes, potentially impacting market dynamics. Oil prices surged, with WTI closing at $83.88 per barrel, and Brent crude reaching $87.34 per barrel due to a significant decrease in U.S. crude stocks.
Brazilian Economic Indicators
In Brazil, the Ibovespa index climbed to 125,661 points, while the commercial dollar fell to R$5.56. Industrial production declined by 0.9% in May, and the PMI for the service sector decreased slightly to 54.8 in June.
Fiscal Policy Adjustments
Brazil has seen a rise in public expenditures, leading to concerns over fiscal sustainability. The government announced a budget cut of R$25.9 billion for 2025 to achieve a zero deficit.
Corporate and Market Developments
The sale of Sabesp’s shares garnered attention, with bids exceeding R$30 billion. The upcoming launch of the Rio de Janeiro Stock Exchange backed by Mubadala is expected to bring a competitive edge to Brazilian financial markets.
Today’s briefing highlights key market movements and economic indicators essential for traders to kickstart their day.