UBS upgrades Brazilian equities to attractive on fiscal optimism, sees 25% upside

UBS Global Wealth Management upgraded Brazilian stocks to 'attractive' from 'neutral' after the first election round, citing prospects for improved public account management that could lower the country risk premium and interest rates. The house also downgraded post-fixed income to 'little attractive'. This tactical shift signals institutional confidence in Brazil's fiscal trajectory, though it hinges on post-election policy execution.