JULY / 2025

In Brazil, which is overtaxed both domestically and internationally, the legal uncertainty is scaring away billionaire investors who, as always, hate uncertainty. Will the 15% SELIC rate promised by the end of the year be maintained amidst this surtax scenario? We'll see. After Congress was weakened by the judiciary's approval of the IOF (Financial Operations Tax), the situation doesn't diminish economic uncertainty. Will the dollar continue to be pressured upwards these days? Brazilian stocks remain down, accelerating on July 18, 2025, with a 1.6% drop in the IBOVESPA. The mini-index fell 2,151 points in one day. It's not a huge drop, and we hope it recovers soon.

Bye.

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