🤑 Too cheap to ignore?

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Good morning! A typing error led to much controversy around the results of Rio de Janeiro’s samba school competition this year: the tournament’s governing body Liesa published a spreadsheet with the jury’s scores that would have seen second-placed school Grande Rio crowned champion. After much scandal on social media, the document was rectified, showing eventual winner Beija-Flor getting the highest marks. 

Trump tariffs create opening for Brazil’s stock market

JPMorgan’s emerging markets fixed-income strategist, Saad Siddiqui, believes that the rally in Brazilian assets has little room left to run in 2025. He told finance newspaper Valor that foreign investors have approached the market with a tactical rather than structural mindset.

Yes, but … Concerns about stretched valuations in the US market, an uptick in US inflation, and trade tensions have investors reassessing overlooked markets. 

Look here. Despite JPMorgan’s cautious stance, Brazilian digital bank Inter sees significant upside for the country’s undervalued equities, as global investors may try to diversify their portfolio from American assets amid uncertainty raised by Donald Trump’s policies. In a recent report, the bank argued that Brazilian equities are now “too cheap to ignore.”

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