Brazilian Equities Tumble to 448th in Global Trading Volume Amid Cautious Investor Sentiment

On October 3, 2025, Brazilian equities saw a 29.64% drop in trading volume to $0.24 billion, ranking 448th in global market activity. Petrobras (PBR) edged lower by 0.32% amid mixed regional cues. The decline in liquidity highlights reduced investor participation despite the country’s recent economic reforms targeting inflation stabilization.

Analysts note that the muted volume reflects cautious positioning ahead of key policy updates from the Central Bank of Brazil. Energy sector underperformance, led by PBR’s marginal decline, contrasts with recent strength in mining stocks, suggesting sectoral divergence in response to commodity price fluctuations. No major domestic regulatory changes were reported to directly impact equity valuations.

To run this test rigorously I need to clarify a few practical details and confirm that the current back-testing engine can meet your expectations. 1. Universe • Should we use all U.S. listed common stocks (NYSE + NASDAQ + AMEX) or another universe? • Are ETFs, ADRs, SPACs, etc., to be excluded? 2. Transaction timing • Do you want to: a) Rank stocks by today’s volume, buy them at today’s close, sell at tomorrow’s close, or b) Rank by yesterday’s volume, buy at today’s open, sell at today’s close? • Which price (open or close) should be used for the entry and exit? 3. Weighting & rebalancing cost • Equal-weight the 500 names each day? • Should we include transaction cost/slippage, or assume frictionless trading? 4. Engine capability note The built-in back-testing engine available here works on one ticker at a time. To simulate a 500-stock daily-rebalanced portfolio I would have to pre-construct a synthetic “index” of the strategy’s returns and pass that single return series to the engine. This is feasible, but it requires downloading and processing the daily data for the whole universe first, then building the index offline before feeding it to the engine. Please let me know your preferences on the four points above so I can proceed with the appropriate data pulls and calculations.