The country's manufacturing PMI fell into contraction territory in April - 49.3 from 50.6 previously, but what's really got the bulls excited is a sharp decline in both input and output prices.
With Brazil's central already indicating it's nearing the end of its rate hike cycle, the news - especially if confirmed by CPI data coming next Friday - could be the final straw pushing the bank to remain on hold at the end of this month.
Also giving energy to the bulls is the continued slide in poll numbers for President Dilma Rousseff, who faces an October election. She's down to 37% from 43.7% in February.
The Bovespa is ahead another 1.7% today. EWZ +2.4%