Brazil’s Financial Morning Call for November 28, 2025

Brazil’s markets open with the Ibovespa anchored near record highs on Fed cut bets (~83% December odds) and a softer dollar, but fiscal and structural clouds gather. October delivered a solid R$36.5 bn primary surplus on strong revenues, yet mandatory spending (pensions +410% court payments) keeps eroding the 2025 zero-deficit goal. A quiet demographic shock […]