$AXS Global investors are piling into Brazilian stocks:$BTR

$RESOLV Brazilian stocks recorded +$2.3 billion in foreign inflows so far in January, the most in a single month since December 2023.

This is more than DOUBLE the prior 7 months combined.

As a result, the Brazilian Ibovespa stock index rallied +9.7% in US Dollar terms last week, the best performance among world major equity markets.

Furthermore, Brazil's ETF, $EWZ, which covers 85% of the nation's stocks, is on track for its biggest monthly inflow since September 2014.

These inflows have led to the creation of new ETF shares, pushing the total outstanding to 230,000 shares, just shy of an all-time high.

What is happening in Brazil?