New Zealand Food Inflation YoY

The Ibovespa rose 1.3% to close at 179,875 on Monday as markets stabilized following improved global sentiment and a partial retreat in oil prices after tankers successfully transited the Strait of Hormuz. While the index saw volatility earlier in the day reaching past the 181,000 mark it tempered gains as investors digested the latest Focus bulletin which raised inflation expectations for 2026 to 4.10% and the Selic rate projection to 12.25%. Brazil's economic activity as measured by the IBC-Br index grew 0.8% in January which slightly missed market expectations but helped maintain a constructive view on the domestic recovery trajectory. Major players like Petrobras and Vale ended the session in positive territory, bolstered by improved international risk appetite and despite persistent concerns regarding domestic fiscal policy and long-term interest rates.

Ibovespa

The S&P/TSX Composite Index climbed 1% to close at 32,877 on Monday as markets digested a benign inflation report and found relief in easing geopolitical tensions surrounding crude oil supply. Canada's headline annual inflation rate cooled to 1.8% in February from 2.3% in January which provided a tailwind for domestic equities even as analysts warned that a potential energy price spike could complicate the Bank of Canada's future policy outlook. This upward momentum was further supported by a pullback in oil prices after reports confirmed that tankers successfully navigated the Strait of Hormuz. Financials and technology shares are leading the advance with Shopify and BMO rising 2.6% and 2.8%, respectively, as top performers as investors recalibrate their expectations for global interest rates ahead of the Fed and BoC policy meetings. Energy heavyweights remained in focus following a federal commitment to deliver 23.6 million barrels of oil to the IEA.

TSX Starts Week Strong

US equity indices rebounded on Monday as the S&P 500 gained 1.1%, the Dow rose 1%, and the Nasdaq added 1.2% as markets reassessed the risk of a lasting energy shock. This recovery was primarily driven by news that select tankers successfully navigated the Strait of Hormuz over the weekend, which signaled a degree of leniency in energy exports and pared concerns over a prolonged global supply shortage. As oil prices retreated from their recent peaks, investors rotated back into credit-sensitive sectors, with tech and banks recording gains while chip producers outperformed amid ongoing optimism for artificial intelligence implementation. Nvidia rose 1.6% while Micron jumped 3.7% ahead of its upcoming earnings report, and Meta climbed 2.3% on reports concerning potential workforce restructuring. These equity gains were supported by a retreat in Treasury yields, though trading volumes remained relatively light as investors continued to navigate geopolitical uncertainty.

US Equities Rebound to Kick Off the Week

Uruguay’s manufacturing output declined 1.5% year-on-year in January 2026, reversing December’s 7.4% surge. The steepest drop came from refined petroleum products, down 25.4%. Other major drags included non-metallic mineral products at -21.8% and rubber and plastic products at -12.2%. On the upside, chemical products drove growth with a 30.7% rise, followed by beverages at 5.2% and wood and wood products at 15.5%. The Index of Hours Worked and the Index of Employed Personnel both fell 3.1% compared to January 2025.

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New Zealand Food Inflation YoY