Brazil Market Dashboard: Ibovespa, Selic, CDI, IPCA, USD/BRL
TL;DR
- Selic is the Central Bank's policy rate, published daily as a % per day; it anchors the CDI and drives monetary policy transmission
- IPCA is Brazil's official inflation index, used for inflation targeting and contract indexation (monthly frequency, 12-month accumulated)
- Ibovespa is B3's broad market index with 15-minute delayed quotes; USD/BRL reference rates (PTAX) come from BCB daily fixings
- Dashboard values carry timestamps — treat them as reference snapshots, not real-time feeds
What This Dashboard Covers
The FundamentalRadar Brazil market dashboard aggregates five core indicators that define Brazilian financial conditions. Each pulls from an official primary source with a published timestamp, so you know exactly when the snapshot was taken. This guide explains what each metric measures, where it comes from, and common pitfalls when using the data.
| Indicator | Source | Frequency | Reference Date |
|---|---|---|---|
| Ibovespa | B3 | Daily (trading session) | Closing of last session |
| Selic target rate | BCB | 8x/year (Copom) | Date of the Copom decision |
| Selic Over (effective) | BCB SGS 11 | Daily | Business day of the operation |
| CDI | B3 / CETIP | Daily | Business day of the operation |
| IPCA inflation | IBGE | Monthly | Reference month (published following month) |
| USD/BRL (PTAX) | BCB | Daily | Business day close |
Source: BCB Selic, BCB Open Data Selic, BCB Exchange Rates, IBGE Inflação, B3 Ibovespa, B3 Market Data
Selic: The Policy Anchor
The Taxa Selic (Sistema Especial de Liquidação e de Custódia) is the average adjusted rate of one-day repurchase agreements backed by federal public securities. The Central Bank publishes it daily as a percentage per day (% a.d.) BCB Selic.
The Selic target is set by the Copom (Comitê de Política Monetária) at its eight scheduled meetings per year. The effective Selic — the rate actually observed in the market — tracks the target closely but can deviate by a few basis points on any given day.
Key facts:
- SGS code 11 in the BCB's time series system (SGS), with history from 1986 BCB Open Data Selic
- Published as % per day; annualize by compounding:
(1 + daily_rate)^252 - 1(252 business days) - The CDI (Certificado de Depósito Interbancário) rate typically trades within a few basis points of the effective Selic (often slightly below; zero on low-volume days per B3 methodology)
CDI: The Interbank Benchmark
The CDI is the average rate of interbank deposits (Certificados de Depósito Interbancário) among financial institutions. It is calculated and published by B3 (via CETIP) each business day.
Practical points:
- CDI ≈ effective Selic minus a small spread (typically a few bps, often slightly below Selic; zero on low-volume days per B3 methodology)
- Used as the reference for "100% do CDI" fixed-income products, DI futures pricing, and swap curves
- The dashboard displays the most recent published CDI with its reference date
IPCA: Official Inflation Gauge
The IPCA (Índice Nacional de Preços ao Consumidor Amplo) is Brazil's official inflation index, produced monthly by the IBGE since 1980 IBGE Inflação.
| Metric | Description |
|---|---|
| Coverage | Families earning 1–40 minimum wages |
| Collection | ~430k prices in 30k locations across 13 urban areas |
| Frequency | Monthly |
| Release | ~9th of the month following the reference month |
The IPCA serves three critical functions:
- Inflation targeting — the CMN sets the annual target; the Central Bank adjusts Selic to converge inflation to target
- Contract indexation — rentals, debentures, infrastructure concessions, and Treasury bonds (NTN-B) use IPCA
- Real return calculation — nominal yield minus IPCA = real yield
IPCA vs. INPC
The INPC (Índice Nacional de Preços ao Consumidor) covers families earning 1–5 minimum wages. It weighs food and transport more heavily than IPCA. Use IPCA for broad macro analysis; INPC for social policy and minimum-wage adjustments.
Ibovespa: The Broad Market Barometer
The Ibovespa (Índice Bovespa) is B3's flagship index, covering the most liquid stocks representing ~80% of trades and trading volume B3 Ibovespa.
Dashboard specifics:
- Composition: Free-float market cap weighted, reconstituted every four months (January, May, September)
- Quotes: Disseminated with a 15-minute delay during trading hours B3 Market Data
- Reference date: The dashboard shows the last session's closing level with its reference date
Do not treat the displayed level as the real-time market price. For execution, use a live data feed from your broker.
USD/BRL: The PTAX Reference Rate
The PTAX rate is the USD/BRL reference exchange rate calculated and published by the Central Bank. Since July 2011, it is a trimmed arithmetic average of dealer quotations — the two highest and two lowest quotes are excluded each session BCB Exchange Rates.
The dashboard displays the PTAX fixing with its publication timestamp. PTAX is not a tradable rate — it is a survey-based reference. Spot FX trades at bid/ask spreads around PTAX.
The Data Is Not Real-Time
The FundamentalRadar consolidates indicators from official sources. No value displayed on the dashboard is real-time. Each number carries its source's reference date:
- Ibovespa: closing of the last trading session. B3 displays stock quotes with a 15-minute delay on its free site B3 Market Data.
- Selic Over and CDI: published on the business day after the operation via the Central Bank's SGS.
- IPCA: released between the 8th and 10th business day of the month following the reference month.
- Dólar PTAX: official closing of the day.
This lag is normal and expected. Official data goes through collection, verification, and publication processes. The dashboard presents the most recent value available from each source, with the corresponding date.
How to Read the Dashboard
Comparing rates: Selic, CDI, and IPCA
The relationship between Selic, CDI, and IPCA defines the macroeconomic scenario. When Selic is above the 12-month accumulated IPCA, the real interest rate is positive, which tends to contain inflation. When IPCA exceeds Selic, the real rate becomes negative.
CDI closely follows the effective Selic. The difference between the two is minimal but exists: CDI reflects interbank loans, while the effective Selic reflects repurchase agreements with public securities. For fixed-income investors, CDI is the most relevant benchmark.
Tracking the Ibovespa: points, not price
The Ibovespa is measured in points, not reais. One point does not equal a direct monetary value. The index reflects the aggregate performance of the most liquid stocks on B3. To compare periods, use percentage variation, not absolute point difference.
The index composition changes every four months. Stocks enter and exit based on liquidity and representativeness criteria. Comparing today's Ibovespa with one from ten years ago requires caution: today's index reflects a different set of companies.
PTAX is the rate the Central Bank uses for its operations and serves as the basis for contracts. It is not the rate you get at a brokerage to buy or sell dollars. The commercial rate includes spread and fees. PTAX is the starting point, not the final price.
Calendar of Publication
Knowing when each indicator is published helps interpret the dashboard at the right time.
| Indicator | When published | Where to check | Source |
|---|---|---|---|
| Selic target | After Copom meeting (8x/year) | BCB Copom | BCB |
| Selic Over | Business day after the operation | BCB SGS 11 | BCB Open Data |
| CDI | Business day after the operation | BCB SGS 12 | BCB SGS |
| IPCA | 8th–10th business day of following month | IBGE | IBGE |
| Ibovespa | Closing of trading session | B3 | B3 |
| Dólar PTAX | Business day (official close) | BCB | BCB Exchange Rates |
Common Errors and Fixes
| Error | Cause | Fix | Source |
|---|---|---|---|
| Using PTAX as execution rate | PTAX is a reference, not a tradable quote | Add broker spread; use live FX feed for trades | BCB Exchange Rates |
| Treating 15-min delayed Ibovespa as real-time | Dashboard shows disseminated value, not live order book | Use broker feed for execution; dashboard for monitoring only | B3 Market Data |
| Annualizing Selic by simple multiplication (×252) | Selic is daily compound; simple ×252 overstates | Use (1+daily)^252-1 or BCB's annualized series | BCB Open Data Selic |
| Confusing IPCA release month with reference month | IBGE releases ~9th of month after reference | Check IBGE release calendar; map the release date to the correct reference month | IBGE Inflação |
| Using CDI and Selic interchangeably | CDI tracks Selic but with small, variable spread | Check current CDI-Selic spread; model separately for precision | BCB Selic |
| Ignoring holiday calendars | No Selic/CDI/PTAX on B3/BCB holidays | Use ANBIMA/B3 business day calendar for date alignment | BCB Exchange Rates |
FAQ
What is the difference between Selic target and effective Selic?
The Selic target is the policy rate voted by Copom. The effective Selic (SGS 11) is the volume-weighted average of one-day repo trades in the Selic system. They differ by a few basis points daily. The dashboard shows the effective rate.
Why does the dashboard show a 15-minute delay for Ibovespa?
B3 disseminates the index level with a mandatory 15-minute delay on its free public feed B3 Market Data. Real-time tick data requires a licensed market data subscription.
Can I use PTAX for currency conversion in tax returns?
Yes. The Brazilian Federal Revenue (Receita Federal) accepts PTAX for converting foreign currency income and gains, but the exact rate (purchase vs. sale) and date depend on the income category and tax year rules. Confirm the applicable rule with a tax professional.
How often is the CDI published?
Every business day, after the interbank deposit window closes. The dashboard updates once the B3/CETIP file is available.
What happens to Selic/CDI on a market holiday?
No publication. The last business day's value carries forward. The dashboard timestamp will show the prior session's date — do not interpolate.
Does the dashboard include IPCA-15?
No. IPCA-15 is the mid-month preview (collection 16th prior month to 15th reference month). It is a separate series. Add it via the IBGE SIDRA API if needed IBGE Inflação.
Where can I download the full historical series?
- Selic (SGS 11): JSON/CSV via BCB Open Data API BCB Open Data Selic
- IPCA: Table 1737 on IBGE SIDRA
- PTAX: BCB "Consulta de cotações e boletins" with date range
- Ibovespa: B3 historical data portal (subscription for full depth)
Why does my Bloomberg/Refinitiv CDI differ from the dashboard by 1–2 bps?
Data vendors may use different calculation windows (e.g., 09:00–17:00 vs. 09:00–18:00) or apply proprietary smoothing. The dashboard uses the official B3/CETIP published figure.
Sources
- BCB Selic — Selic definition, Copom role, monetary policy transmission
- BCB Open Data Selic — SGS 11 metadata: daily frequency, % per day, history from 1986
- BCB Exchange Rates — PTAX methodology, four daily consultations, all-currency quotations
- IBGE Inflação — IPCA/INPC definitions, calculation methodology, coverage
- B3 Ibovespa — Ibovespa as broad market index, methodology page
- B3 Market Data — 15-minute delay disclosure, real-time vs. disseminated data distinction