Norvia's July Flash brings together the main developments in foreign trade, technology, capital markets and geopolitics. This edition highlights how tariffs, artificial intelligence, the stock market reopening and trade diversification shaped decisions by companies and investors throughout the month.

Compass's IPO ended nearly five years without a single initial public offering on Brazil's B3 exchange, but the deal's structure shows the market has returned more selective. More than 50 companies are already technically ready to go public, though the election calendar should keep most of them waiting until 2027.