LatAm Pre-Open: Oil Bids, Brazil Data — August 28, 2026
Key Facts
- Oil is the opening theme after Brent jumped 2.12% to US$89.70 on Thursday, a tailwind for Petrobras and Ecopetrol before the bell.
- Wall Street set a friendly tone with the S&P 500 up 0.72% to 7,731 and the Nasdaq up 1.57% in the prior session.
- The region split on Thursday as Chile and Brazil rose while Mexico, Colombia and Argentina slipped.
- Brazil’s data morning looms with IGP-M inflation, gross debt figures, bank lending and producer prices all due on Friday.
- Warsh speaks at Jackson Hole in his first keynote as Fed chair, with US inflation expectations data also on the Friday calendar.
Today’s Focus
A 2% jump in Brent crude gives Latin America’s energy-heavy markets a clear opening bid on Friday, with Brazil’s Petrobras and Colombia’s Ecopetrol the most direct beneficiaries.
The region enters the session split. Santiago and São Paulo closed higher on Thursday while Mexico City, Bogotá and Buenos Aires slipped.
Brazil’s morning data run, covering IGP-M inflation, gross public debt and producer prices, lands around the open. It will shape rate expectations for the central bank’s September meeting.
What matters today. Whether the oil bid and a steady Wall Street mood can lift the whole region through a morning heavy with Brazilian numbers.
| Instrument | Level | Session |
|---|---|---|
| Ibovespa (Brazil) | 175,135 | +0.31% |
| S&P 500 (US) | 7,731 | +0.72% |
| USD/BRL | 5.1474 | +0.02% |
| USD/MXN | 16.98 | +0.17% |
| Brent crude | US$89.70 | +2.12% |
Thursday’s closes — Source: RT close, 2026-08-27. Figures rendered directly from the feed.
01 What Thursday left behind
The overnight session handed Latin America one clear theme: oil. Brent crude rose 2.12% to US$89.70 a barrel on Thursday, though it eased back toward US$88 in early Friday trading.
Wall Street closed higher, with the S&P 500 up 0.72% to 7,730.99 and the Nasdaq up 1.57%. US stock futures held a positive bias into the pre-dawn hours.
For the region, oil matters most. It feeds straight into the largest and most traded stocks, Petrobras in Brazil and Ecopetrol in Colombia, and sets the tone for energy-heavy boards.
The evidence supports a positive open for energy-linked shares in Brazil and Colombia. The wider picture is mixed, with Mexico and Argentina soft and Chile needing copper to cooperate.
The variable to watch is Brazil’s real after the inflation and debt data. Soft numbers would deepen expectations of rate cuts and could tug the currency either way.
02 The board before the open
| Instrument | Level | Change | Read |
|---|---|---|---|
| Ibovespa (Brazil) | 175,135.40 | +0.31% | Seventh straight gain |
| IPSA (Chile) | 11,471 | +0.89% | Region’s best on Thursday |
| IPC (Mexico) | 65,829.98 | −0.55% | Soft close in Mexico City |
| COLCAP (Colombia) | 2,489.80 | −0.59% | Peso warning weighed |
| Merval (Argentina) | 3,001,209 | −0.79% | Weakest in the region |
| USD/BRL | 5.1474 | +0.02% | Real barely moved |
| USD/MXN | 16.98 | +0.17% | Peso slightly softer |
| Brent crude | US$89.70 | +2.12% | Eased toward US$88 early Friday |
The board shows a split region heading into Friday. Brazil and Chile closed higher on Thursday, while Mexico, Argentina and Colombia all slipped.
Mexico’s close of 65,829.98, down 0.55%, is confirmed by the exchange itself. Brazil’s seventh straight gain stands out as the region’s longest run. Rio Times · Live Market Intelligence
Live Market IntelligenceLatin America — Cross-Market Board
Latin America — Cross-Market Board
Instrument Last Change YoY Prev. High Low Volume
IBOV
175,135.41
+0.31%
+21.85%
174,586.26
168,310
167,142
—
IPSA
11,470.79
+0.89%
—
11,369.18
11,210
10,984
1,513,213,483
IPC MEX
66,090.98
-0.15%
+12.17%
66,191.11
66,121
65,405
108,886,187
MERVAL
3,001,209
-0.79%
+30.51%
3,022,485
3,042,365
2,991,150
—
COLCAP
2,489.80
-0.59%
—
9.04
9.05
9.02
4,133
BVL PERÚ
60,629.82
+0.25%
—
—
—
—
—
USD/BRL
5.16
+0.01%
-5.13%
5.16
5.18
5.14
—
EUR/BRL
5.95
+1.01%
-5.83%
5.89
5.98
5.94
—
USD/MXN
17.06
-0.24%
-8.58%
17.10
17.08
17.01
—
USD/CLP
913.98
+0.04%
-5.67%
913.65
915.11
906.68
—
USD/COP
3,140
+0.03%
-22.04%
3,139
3,141
3,105
—
USD/PEN
3.36
-0.66%
-4.82%
3.38
3.38
3.35
—
USD/ARS
1,493
+0.10%
+12.96%
1,491
1,494
1,480
—
USD/UYU
40.27
+1.24%
+1.80%
39.77
40.27
40.23
—
USD/PYG
5,939
+1.68%
-19.54%
5,841
5,939
5,925
—
USD/BOB
11.64
-0.76%
+72.04%
11.73
11.72
11.64
—
USD/DOP
58.34
+1.25%
-3.44%
57.62
58.34
58.04
—
USD/CRC
445.92
+0.89%
-9.71%
441.97
448.50
445.92
—
03 Brazil’s data morning
Friday packs Brazil’s calendar. The IGP-M wholesale price index, the central bank’s gross debt and bank lending figures, and July producer prices are all due, with formal jobs data in the afternoon.
The market expects IGP-M to fall about 0.25% in August after a 1.16% drop in July. A soft print would strengthen the case that inflation is cooling and rate cuts can continue.
The Selic, Brazil’s benchmark rate, stands at 14.00% after four straight quarter-point cuts. Traders want to know whether the data lets that pace run into September.
04 Currencies and the corporate story
The Brazilian real barely moved on Thursday, closing at 5.1474 per dollar after trading between 5.1376 and 5.1755. Mexico’s peso softened slightly to about 16.98 per dollar, while Colombia’s peso slid more than 1% after the central bank chief warned about currency strength.
The day’s corporate headline came from Brazil. Votorantim agreed to sell its 64.68% stake in zinc producer Nexa to Sweden’s Boliden in a share swap that values Nexa’s equity at about US$2.02 billion.
The deal hands Votorantim roughly 7% of Boliden plus a board seat. It is expected to close in the first quarter of 2027.
05 The regional setup
| Index | Country | Change |
|---|---|---|
| IPSA | Chile | +0.89% |
| Ibovespa | Brazil | +0.31% |
| IPC | Mexico | −0.55% |
| COLCAP | Colombia | −0.59% |
| Merval | Argentina | −0.79% |
Chile’s IPSA led the region on Thursday, with copper-linked names drawing buyers. Brazil’s Ibovespa notched a seventh straight gain.
The softness in Mexico, Colombia and Argentina shows the advance is not broad-based. Each market is trading on its own local story.
06 The technical picture
The Ibovespa’s seven-day streak has carried it to 175,135. Round-number resistance near 176,000 is the first test if the oil bid holds.
Chile’s IPSA is the region’s momentum leader. For gains to spread, oil needs to keep most of Thursday’s jump and the dollar needs to stay quiet.
07 What to watch
- IGP-M and producer prices: Brazil’s morning inflation data will steer Selic expectations and the real.
- Gross debt to GDP: July’s fiscal reading lands a day after President Lula said on TV Globo that he is not worried about the public debt.
- Oil’s follow-through: Brent’s jump supports Petrobras and Ecopetrol; a fade below US$88 would unwind the early bid.
- Warsh at Jackson Hole: The Fed chair’s first keynote, plus US inflation expectations data, will frame the global mood into the close.
Frequently Asked Questions
Why does oil matter so much for Latin America?
Petrobras in Brazil and Ecopetrol in Colombia are among the largest, most-traded stocks on their exchanges, and oil revenue drives government budgets and export earnings across the region.
What is the Selic?
It is Brazil’s benchmark interest rate, set by the central bank. It stands at 14.00% after four straight quarter-point cuts.
What is due in Brazil on Friday?
The IGP-M inflation index, gross public debt, bank lending and producer prices in the morning, plus formal jobs data in the afternoon. Soft inflation numbers would support more rate cuts.
Market data: RT; Mexico close confirmed by Grupo BMV.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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