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Foreign Buying Lifts Ibovespa to Best January in 20 Years as Warsh Pick Triggers Late Pullback

Heavy overseas inflows into Brazilian equities outweighed a profit-taking wave that followed Kevin Warsh’s nomination to lead the Fed.

Abalo na credibilidade do mercado brasileiro, gerado pela crise do Master, pode afetar a dinâmica positiva da bolsa
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Overview

  • The Ibovespa rose 12.56% in January, its strongest month since November 2020, closing Friday at 181,363.90 after a 0.97% decline on the day.
  • Foreign investors purchased about R$23.1 billion in Brazilian stocks through January 28, roughly 91% of all 2025 inflows, according to B3.
  • Domestic institutions withdrew R$14.3 billion and individual investors pulled R$3.7 billion in January, underscoring a divergence from foreign buying.
  • President Donald Trump’s selection of former Fed governor Kevin Warsh boosted the dollar and sank precious and industrial metals, pressuring miners including Vale (-3.54%), Usiminas (-4.98%) and CSN (-4.28%).
  • The dollar advanced 1.04% on Friday to R$5.2476 but still fell about 4.40% in January, with markets entering February focused on Warsh’s confirmation process and policy outlook.