The Ibovespa rose 0.3% to close at 163,370 on Friday as fresh signs of disinflation reinforced expectations that the Central Bank will be able to lower interest rates later this year. Headline inflation eased more than expected to 4.26% in December, remaining below the upper limit of the policy tolerance band and slightly under market forecasts. Bank stocks were mixed, with Santander gaining 1.6% while Banco do Brasil and Bradesco traded largely flat. Elsewhere, Ambipar and Suzano led gains, rising 2.2% and 2.9%, respectively. Meatpackers advanced on optimism around the Mercosur–EU trade agreement ahead of an upcoming vote, with Minerva climbing 2.5% and Marfrig adding 0.5%. Vale underperformed, slipping 0.9%.