Brazil’s Financial Morning Call for January 7, 2026

This is part of The Rio Times’ daily Brazil Financial Morning Call, covering Latin American financial markets.

Today’s Key Themes

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• New competition for B3 on horizon → Mubadala-backed Base Exchange targets 2026-27 launch

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• Fintech revival test → PicPay’s U.S. IPO filing signals potential return of Brazil tech listings

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• Ibovespa presses near record → Vale surge leads, oil drags energy

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• Key data watch: U.S. ISM Non-Manufacturing PMI + JOLTS + ADP employment

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• Broader risk: Risk-on tone persists with record Wall Street highs, supportive for EM flows

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\nLatin America’s markets continue the trading week, with Brazil’s B3 in São Paulo set to provide the region’s deepest liquidity for equities, futures, and currency products. Mexico’s Bolsa Mexicana de Valores is also scheduled to open normally.
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Top Story: Mubadala-Backed Base Exchange Targets 2026–27 Launch to Challenge B3 Monopoly

\nBase Exchange, backed by Mubadala (holding ~73% stake, exploring up to 10 global banks/market makers as minority partners), aims to launch late-2026 or early-2027 to introduce competition in spot equities and post-trade services, ending B3’s one-venue dominance since 2017.
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\nPlans include own clearinghouse, start with spot shares/stock lending/FIIs/ETFs/BDRs (futures/derivatives later), and no crypto initially.
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\nGoal: fairer costs, higher volumes (20–25% lift), lower implicit trading costs (25–30%) based on global precedents. CVM completed testing; Central Bank review next post-Carnival (Feb 2026). Investors see potential for increased liquidity, reduced costs, but execution risks remain.
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Economic Agenda for January 7, 2026

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Brazil

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• 12:30 PM BRT – Foreign Exchange Flows Prev: -5.047B

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Mexico

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• No major releases today.

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Argentina

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• No major releases today.

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Chile

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• 06:30 AM BRT – Copper Exports (USD) (Dec)

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• 06:30 AM BRT – Exports (USD) (Dec)

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• 06:30 AM BRT – Imports (USD) (Dec)

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• 06:30 AM BRT – Trade Balance (Dec)

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Colombia

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• 10:00 AM BRT – Exports (YoY) (Nov)

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United States

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• 07:00 AM BRT – MBA Mortgage Applications (WoW) / 30-Year Rate

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• 08:15 AM BRT – ADP Nonfarm Employment Change (Dec) Cons: 49K Prev: -32K

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• 10:00 AM BRT – ISM Non-Manufacturing PMI (Dec) Cons: 52.2 Prev: 52.6

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• 10:00 AM BRT – JOLTS Job Openings (Nov) Cons: 7.610M Prev: 7.670M

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• 10:30 AM BRT – Crude Oil Inventories

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EU

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• Various CPI/Retail Sales/PMI (e.g., German Retail Sales MoM -0.6% Act vs 0.2% Cons, French Consumer Confidence 90).

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UK

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• 39 min from open – Construction PMI (Dec)

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China

\n03:00 AM BRT – FX Reserves (USD) (Dec) Act: 3.358T Prev: 3.346T
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\nImplication: Brazil’s FX Flows provide visibility on capital movements amid real strength. U.S. labor data (ADP, JOLTS) + ISM Non-Mfg PMI + oil stocks are key for Fed path, dollar sentiment, commodity demand, and EM carry trades.
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\nChile’s trade/copper data ties to global demand; softer global prints could support BRL. EU/UK data adds to services/consumer health view.
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Brazil’s Markets Yesterday (Tuesday, January 6, 2026)

\nIbovespa +1.11% to 163,663.88, closing near record high of 164,455.61. Vale surged on firmer iron ore (Dalian 801 yuan/ton); banks firm on credit growth/low delinquency.
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\nEnergy lagged with Petrobras down on drilling-fluid leak pause and Brent near $60. Top winners: Hapvida +8.70%, Assaí +5.62%, Braskem +5.13%. Uptrend strong — futures ~165,950–166,083 point to potential record break.
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Currency

\nBrazilian Real ↑ – USD/BRL -0.47% to R$5.38 close (support 5.35–5.37, resistance 5.39–5.40). Drivers: softer broad dollar (DXY 98.54), steady risk appetite, commodity flows, 2025 trade surplus $68.3B (above forecasts, 2026 proj $70-90B), high Selic 15%.
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Companies and Market

\nKey developments: Base Exchange launch plan challenges B3 monopoly; PicPay U.S. IPO filing (Nasdaq PICS) tests fintech revival (66M accounts, 42M active users, Q3 payment volume R$141B, 9M profit R$313.8M); PRIO strong 2025 output (avg 106,375 boepd, Dec 155,780 boepd, Peregrino 80% share major driver); Tourism boom fuels formal hiring (106,979 net jobs Jan-Nov 2025, 2.43M total workers).
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U.S. Markets Yesterday (Tuesday, January 6, 2026)

\nHigher close with fresh records: Dow +1.0% to 49,462.08, S&P 500 +0.6% to 6,944.82, Nasdaq +0.6% to 23,547.17. Russell 2000 +1.4% to 2,582.90 (small caps outperformance).
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\nRisk-on tone despite geopolitics; focus on upcoming data (Friday jobs) and Fed path. Treasury yields little changed (10y ~4.18%, 2y ~3.47%).
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\nRegional Peers — Positive tone: Colombia peso firm/stocks rally despite softer oil | Mexico peso near 18/stocks cool near highs | Argentina peso holds/reserves rise/big bond payment near | Chile peso firms/copper hot/IPSA fresh record.
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\nNote: Crypto thin-liquidity whipsaws: Bitcoin mid-$94k to low-$92k; Bitcoin ETFs flip to -$243.2M outflows (Jan 6) after +$697.2M inflows; Ethereum +$114.7M inflows. Vulnerable to reversals in low volume.
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Related coverage: Ibovespa session | dollar-real exchange rate

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Brazil Morning Call — Live Board

B3 · pre-open setup
Jul 13, 2026 · 00:51

Ibovespa · benchmark

177,866
+2.97%

+30.07% over 12 months

Market breadth · 32 names

69% advancing

22 ▲ advancing10 declining ▼

Currencies, rates & key inputs

USD / BRL

5.11

-0.04%

EUR / BRL

5.82

-0.79%

Selic rate

14.25%

·

Brent crude

79.02

+3.96%

Iron ore

161.91

·

Sector heatmap · average move today

Utilities

+5.15%

ENEV3

Financials

+3.99%

ITUB4, BBDC4, BBAS3, B3SA3

Mining

+3.90%

VALE3, CSNA3, GGBR4

Consumer Disc.

+3.40%

AZZA3, LREN3

Industrials

+3.00%

WEGE3, RENT3

Consumer Staples

+1.16%

SLCE3, ABEV3

Materials

+1.04%

SUZB3, KLABIN

Energy

+0.42%

PETR4, PRIO3

Other

-0.09%

BRENT, WTI, IRON ORE, GOLD

Latin America scoreboard

IndexLastTodayStrength

IbovespaBrazil
177,866
+2.97%

S&P/BMV IPCMexico
66,496
+0.59%

S&P IPSAChile
11,057
+0.28%

S&P MERVALArgentina
3,280,224
+2.43%

MSCI COLCAPColombia
2,307.67
+0.65%

BVL S&P PerúPeru
56,194.27
+1.29%

Full instrument board

Instrument	Last	Change	YoY	Prev.	High	Low	Volume
IBOV	177,866	+2.97%	+30.07%	172,742	—	—	—
USD/BRL	5.11	-0.04%	-8.33%	5.11	5.11	5.11	—
EUR/BRL	5.82	-0.79%	-10.51%	5.87	5.83	5.82	—
SELIC	14.25%		—	—	—	—	—
BRENT	79.02	+3.96%	+14.17%	76.01	79.38	77.82	4,698
WTI	74.24	+3.96%	+10.84%	71.41	74.66	73.18	28,647
IRON ORE	161.91	—	+67.33%		161.91	161.91	1
GOLD	4,067	-0.90%	+21.35%	4,104	4,112	4,061	24,415
SILVER	58.50	-2.20%	+52.09%	59.81	59.80	58.40	6,006
LITHIUM	72.32	-0.69%	+79.99%	72.82	72.63	71.91	195,580
SOY	1,197	+0.00%	+20.01%	1,197	1,207	1,195	23,539
CORN	467.50	+6.74%	+13.26%	438.00	469.50	466.50	34,081
WHEAT	645.50	+2.14%	+20.88%	632.00	653.00	644.25	8,701
COFFEE	318.60	-10.74%	+4.22%	356.95	340.70	318.60	31,069
SUGAR	14.86	-1.72%	-8.83%	15.12	15.14	14.71	70,711
ORANGE JUICE	143.25	-4.44%	-54.36%	149.90	149.95	142.25	778
COTTON	80.87	+6.18%	+21.77%	76.16	79.67	78.28	15,888
BEEF	235.20	-0.02%	+7.23%	235.25	236.08	232.93	34,721
CATTLE	354.60	-0.44%	+10.99%	356.15	358.40	351.45	10,473
COCOA	6,100	-3.31%	-31.84%	6,309	6,310	5,777	26,149
PETR4	39.65	+1.12%	+22.98%	39.21	39.97	39.34	27,213,400
VALE3	74.18	+1.41%	+34.19%	73.15	74.66	73.12	22,118,800
SUZB3	41.55	+1.27%	-16.65%	41.03	41.87	41.20	8,080,900
KLABIN	17.54	+0.80%	-5.42%	17.40	17.64	17.41	5,591,700
SLCE3	14.02	+1.67%	-13.10%	13.79	14.10	13.80	3,740,500
ABEV3	15.82	+0.64%	+19.58%	15.72	15.99	15.72	34,764,700
ITUB4	44.30	+4.02%	+29.44%	42.59	44.34	43.23	28,691,300
BBDC4	18.86	+4.78%	+16.85%	18.00	18.87	18.32	47,714,200
BBAS3	20.58	+2.90%	-2.97%	20.00	20.67	20.25	24,323,000
B3SA3	15.42	+4.26%	+9.44%	14.79	15.53	15.19	41,437,800
WEGE3	46.51	+1.68%	+16.57%	45.74	46.80	46.11	7,145,200
PRIO3	55.45	-0.29%	+32.66%	55.61	56.29	55.04	6,818,400
RENT3	41.10	+4.31%	+7.45%	39.40	41.32	40.31	8,338,600
AZZA3	19.10	+3.47%	-47.66%	18.46	19.30	18.81	1,703,700
CSNA3	5.18	+7.92%	-37.82%	4.80	5.20	4.95	14,591,200
GGBR4	23.01	+2.36%	+36.32%	22.48	23.10	22.58	10,449,600
ENEV3	27.55	+5.15%	+107.61%	26.20	27.55	26.61	16,185,800
LREN3	14.62	+3.32%	-23.70%	14.15	14.84	14.49	14,503,100

Largest moves today

COFFEE
318.60
-10.74%

CSNA3
5.18
+7.92%

CORN
467.50
+6.74%

COTTON
80.87
+6.18%

ENEV3
27.55
+5.15%

BBDC4
18.86
+4.78%

ORANGE JUICE
143.25
-4.44%

RENT3
41.10
+4.31%

The session read

The Ibovespa rose 2.97%, with breadth positive — 22 of 32 names higher. Utilities led, while Other lagged.

From The Rio Times

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