Brazil’s Ibovespa gained 440 points or 0.4% to 115,668 in a volatile session, as equities try to recover from Monday’s 4.8% plunge.On Wednesday, President Jair Bolsonaro doubled down on its efforts to both replace the CEO of Petrobras and to privatize Electrobras, outperformer during the session. On the macro side, the IPCA-15 consumer price index rose 0.48% in the month to mid-February, the highest February reading for four years, as inflation pressures continue to mount. Meantime, Brazil’s current account deficit in the month of January was $7.25 billion, the second deficit in a row. On Monday, the latest central bank FOCUS survey showed that analysts slashed their 2021 GDP growth forecast to 3.29% from 3.43% just a week ago and raised their inflation expectations by 20 bps to 3.82%. Historically, the Brazil Stock Market (BOVESPA) reached an all time high of 125323.53 in January of 2021. The IBOVESPA is a major stock market index which tracks the performance of around 50 most liquid stocks traded on the Sao Paulo Stock Exchange in Brazil. It is a gross total return weighted index. The index has a base value of BRL 100 as of January 2, 1968. Since 1968, The Bovespa Index has been adjusted 11 times by a factor of 100 in 1983 and by factor of 10 in 1985, 1988, 1989, 1990, 1991, 1992, 1993, 1994, and 1997.