190,000 points. After a string of record highs that have been piling up since mid-January, the Ibovespa ā the benchmark index of SĆ£o Pauloās stock exchange, the B3 ā surpassed this historic threshold during Wednesday, February 11, closing the day just shy of it.
Financial trading volume totaled BRL 38.6 billion, or about USD 7.7 billion. With this result, and only six weeks into the year, Ibovespa has already posted gains of over 18% in 2026.
To give a sense of the scale, stock exchange data on foreign investor flows show a net inflow of BRL 26.3 billion in January alone ā exceeding the surplus recorded for the entire year of 2025.
Amid market turbulence in Donald Trumpās United States, the moment has been a positive one for emerging economies, which are benefiting from a global rotation of assets by investors seeking to reduce their exposure to the US economy.
But Brazil has some specific features that deserve attention from anyone interested in the stock market. The country is at the start of a presidential election year, shaping up for a fierce contest between the left and right (or perhaps the far right). But thereās much more at play here: structural and historical factors also have a role.
While several capital-intensive sectors are craving investment, public debt limits the governmentās ability to inject funds, and a high benchmark interest rate ā currently 15% per year ā drains domestic capital. Meanwhile, foreign investors have found many reasons to bet on Brazilian companies.Ā
To unpack those factors, our guest is AndrĆ© Perfeito, chief economist at Garantia Capital M&A. He holds a masterās degree in political economy and has worked as chief economist at several institutions.
In this conversation, he analyzes:Ā Ā
Brazilās particularities compared with other emerging markets
The most attractive sectors for foreign investors
What truly drives stock market movements
The gap between corporate results and market sentiment in Brazil
