After trading lower for a good part of Tuesday's session, the Ibovespa closed higher for the third consecutive day (+0.64%), to 71,404.59 points, driven mainly by the shares of Petrobras and Vale. The improvement in the U.S. stock markets also helped to recover the benchmark stock index in Brazil, although concerns remain about a world trade war.
The truck drivers' strike which paralyzed Brazil's trade and supply for about 10 days in May had a significant effect on the country's economy, its central bank reported on Monday.
Brazilian state oil company Petrobras announced Monday that it would pay almost 3 billion U.S. dollars in reparations to U.S. investors who were harmed by the corruption ring within the firm. Brazil's largest company was sued in a class action lawsuit, which was approved on June 22 by a federal court in New York.
Consultancy Agroconsult lowered its forecast for Brazil's so-called second corn crop to 55.2 million tons on Monday but left its export projection unchanged after a survey of fields in four states affected by planting delays and a drought. Agroconsult had estimated last month that the second crop, which farmers are currently harvesting, would total 57 million tons.
President Michel Temer will press U.S. Vice President Mike Pence during his two-day visit to Brazil on cases of Brazilian children separated from their parents upon trying to enter the United States, a Brazilian diplomat said on Monday.
Petrobras has announced the start of production at Tartaruga Verde field, in the deep waters of the Campos basin, by means of FPSO Cidade de Campos dos Goytacazes. The FPSO is located about 127 km off the coast of the state of Rio de Janeiro, in water depth of 765 m, with a capacity to process daily up to 150,000 bbl of oil and 3.5 MMcmg and 5 MMcm of gas compression.
Latin American stocks and currencies mostly fell on Monday as the trade dispute between the United States and other leading economies worsened, but central bank intervention kept the Brazilian real steady.
The country that could indirectly benefit from the intensifying US-China trade war is Brazil, which finds itself in a strategic position to increase its market share of soybean exports to China.
Brazil's Supreme Court has cancelled a ruling set for Tuesday on an appeal by former president Luiz Inacio Lula da Silva to be freed from prison while he attempts to overturn his corruption sentence.
An XP Investimentos survey in partnership with the Institute of Social, Political and Economic Research (Ipespe) shows the Brazilian pre-candidates Lula da Silva and Jair Bolsonaro, tied for first place with 13% of voting intentions each, followed by Ciro Gomes and Geraldo Alckmin, with 2% each.