Brazil Review & Outlook

A weak US dollar, agricultural and commodity tailwinds, and a more accommodative monetary policy have supported Brazilian equities since the beginning of 2025. This, along with positive foreign flow dynamics should further support Brazilian outperformance in Emerging Markets. Conflict-driven inflation pressures may impede the current cut cycle and hurt rate-sensitive categories, a weakening commodity cycle could complicate reform efforts, and a global derisking may reverse flows out of Brazil.

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