22.06.202621:06:36UTC+00Ibovespa Gains on US-Iran Peace Progress

The Ibovespa advanced 1.2% to close at 170,370 points on Monday, supported by improved risk appetite following progress in peace talks between the United States and Iran. US Vice President JD Vance and Iran’s Foreign Minister participated in negotiations held in Switzerland, with mediators from Qatar and Pakistan reporting encouraging developments, including the creation of a framework for future technical discussions. Both parties also agreed on a roadmap aimed at reaching a final agreement within 60 days.

Oil prices retreated, pulling bond yields lower and helping ease concerns about energy-driven inflation. Major banks led the advance on the equity market, with Itaú gaining 2.7% and Bradesco adding 1.8%. Utilities also performed well, with Axia up 2% and Sabesp climbing 3.5%.

Petrobras rose 0.9% despite the weaker oil backdrop, supported by the payment of its latest interest-on-equity installment and the signing of a memorandum of understanding with Pemex. Retail names also contributed to the positive session, with Azzas jumping 10.3% after presenting strategic alternatives for Farm.