​Update on the Brazilian stock market

After three straight days of losses, the major Sao Paulo Index, Ibovespa, was up 0.3 percent, to
about 116,530 on Wednesday, boosted by strong increases in Ultrapar Participaçoes and TOTVS
shares. Petrobras also gained more than 1%, despite the fact that the shareholders' meeting is
expected to accept the government's choices for the company's presidency and board of
directors. Meanwhile, investors continued to digest signals of rising inflationary pressures in the
United States, which bolstered expectations of aggressive Federal Reserve policy tightening. In
domestic data, Brazil's retail trade increased for the second month in a row in February, beating
market expectations. According to Trading Economics global macro models and experts, the
Brazil Stock Market (BOVESPA) is anticipated to trade at 114547.78 by the end of this quarter. In
a year's time, we expect it will trade at 103934.27, according to our forecast.

Written by: Lucas Scala
Edited by: Anna Kissajikian
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