Petrobras Posts BRL 52.4 Billion Profit and BRL 17.4 Billion Payout as Brent Holds Near USD 83

Petrobras reported net income of BRL 52.4 billion and announced BRL 17.4 billion in dividends, above market expectations, according to Empiricus. The result landed with Brent trading higher and holding near USD 83 a barrel amid Middle East tensions and uncertainty over the reopening of the Strait of Hormuz.

Crude is the swing factor behind the payout. Petrobras shares have gained roughly 38%, a move attributed to higher oil prices influenced by tensions between the United States and Iran, according to Daily Journal. That single position is carrying the Ibovespa, which shows a cumulative gain of 3.23% for the year.

The divergence inside the index is wide. Seven sector indices on the B3, including consumption, real estate and financials, are showing year-to-date losses, with the consumption index (ICON) leading the declines at a fall of 15.53%.

In one session, Petrobras preferred shares (PETR4) rose 2.51% and the ordinary shares (PETR3) advanced 2.91%, according to Itamaraju Noticias. That move was driven by higher oil prices and the recent hydrocarbon discovery in the Foz do Amazonas basin. The index was up 0.15% at 168,080.69 points around 13h35, after slipping to a session low of 166,965.79 points.

Turnover was thin at BRL 6.3 billion, following a 0.9% advance the previous day that ended a run of 11 negative closes. Mining did not follow the oil trade: Vale (VALE3) traded near flat as iron ore futures in China fell, a move that also weighed on Gerdau and CSN.

Bank performance was mixed, with Itau Unibanco, Bradesco and Banco do Brasil lower while Santander Brasil held gains. Hapvida (HAPV3) and Magazine Luiza (MGLU3) ranked among the day's biggest losers after negative financial results. Marcopolo (POMO4) rose after announcing a share buyback program and dividend payment, and SLC Agricola gained on a UBS BB revision.

Rate policy frames the domestic side of the trade. The Copom cut the Selic rate to 14% per year in August, though credit costs remain elevated, according to Daily Journal. The market mostly expects a further 25 basis point cut in September, taking the rate to 13.75% per year.

Technicals still point lower. Gilberto Coelho, technical analyst at XP, warns the Ibovespa remains in a downtrend and sees supports at 160,000 and 155,000 points. A close above 170,340 points would open a recovery targeting resistance at 173,500 and 180,500 points, Coelho said. The index tested a critical support at 167,000 points under selling pressure earlier in the month, and had reached 174,000 points on expectations of a Selic cut.

The external backdrop has cut both ways. The Ibovespa fell 1.23% on a Thursday session to 175,546 points under pressure from the external environment and the Copom statement, with Vale down 1.66% tracking weaker iron ore and Bradesco off 1.94% after its earnings release. The Dow Jones snapped a run of five consecutive gains with a 0.9% drop the same day, after clearing 54,000 points for the first time. The S&P 500 lost 0.2% and the Nasdaq 0.1%, pressured by software stocks after disappointing results at HubSpot, Datadog, AppLovin, Figma and Duolingo. In a later session, the S&P 500 was down 0.33% as rising Treasury yields weighed on risk appetite.

Demand signals from Asia have been firmer. Chinese exports grew 23.9% in July year on year, above expectations, led by semiconductors, high-technology goods and vehicles. The US employment report was expected to show around 80,000 jobs created in July, unemployment stable at 4.2% and wages still rising at close to 3.5% a year.

Capital markets outside energy have absorbed heavy issuance in the same window. Alphabet placed USD 25 billion in bonds, drawing about USD 115 billion in orders, and has raised more than USD 114 billion in debt since the start of 2025. DeepSeek resumed a USD 8 billion funding round at a valuation near USD 74 billion. The yen traded near 158.40 per dollar after joint intervention by Japan and the United States, with the Bank of Japan spending about USD 87 billion over two days. Scott Bessent, US Treasury secretary, said the bond buyback target could be widened, creating a market for long-dated paper.