Key Points
Brazil opens the week at a record high, with the real question now whether the run can stretch further as a heavy week of data and politics arrives.
Today brings the central bank’s weekly Focus survey and a fresh wholesale-inflation reading — the first tests of whether policymakers have one more rate cut left in them.
The week then builds to Thursday’s US jobs report, pulled forward before the July 4 holiday, with a Mercosur summit on Tuesday and quarter-end flows in between.
The engine to watch is the global rotation out of expensive US technology into cheap Latin American value — the force that carried the Ibovespa to Friday’s record 173,295, a gain of about 2.9% on the week by The Rio Times’ calculation.
