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SÃO PAULO – The Ibovespa operates in decline this Friday (30), the last business day of October, amid concerns about the advance of the coronavirus in the United States and Europe. During the week, the United States was unable to send a new stimulus package before the election.
After US stocks rose in the previous session on positive expectations with the results of the tech giants, markets today show declines with some disappointments in the sector. Shares of Apple fell 4% in the previous market after iPhone sales fell 16%.
In Brazil, Economy Minister Paulo Guedes again criticized Febraban, a representative of Brazilian banks, this time for allegedly financing a study that would support a “spending minister.”
At 10:18 am (Brasilia time), the Ibovespa fell 1.1%, to 95,520 points.
It is worth mentioning that, on Monday, the Brazilian market will close on the feast of the dead, without being able to react to eventual developments of Covid-19, which once again breaks a record in the US on the eve of next week’s presidential elections.
Meanwhile, the commercial dollar shows a slight positive variation of 0.03% to R $ 5,766 in the purchase and R $ 5,767 in the sale. The US dollar due in November registered a decrease of 0.18%, to R $ 5,769.
In the future interest market, the ID of January 2022 falls by a basis point of 3.47%, the ID of January 2023 operates stable at 5.04%, the ID of January 2025 rises two basis points to 6, 80% and the DI of January 2027 registered a positive variation of six basis points to 7.62%.
Today, the data of the Gross Domestic Product (GDP) of several countries of the eurozone were published. The economy of the single currency bloc grew by 12.7% in the third quarter of 2020 compared to the second, according to preliminary data published this Friday by the official statistics agency of the European Union, Eurostat.
The result exceeded the expectations of analysts consulted by The Wall Street Journal, who forecast an increase of 9.4% in the period.
In the annual comparison, the bloc’s GDP contracted 4.3% between July and September, much less than the 7% fall projected by the market. In the second quarter, the eurozone’s GDP fell 11.8% compared to the previous three months, given the effects of the new coronavirus pandemic.
Sales drop
The newspaper State of S. Paulo the headline on the cover is the up to 10% drop in sales of cash and carry chains in recent weeks. Citing the market director of Apas (Associação Paulista de Supermercado), the newspaper states that supermarkets’ sales have also fallen.
According to the report, the move is due to rising food inflation. In October, the inflation forecast, measured by the IPCA-15, reached 0.94%, more than double the inflation registered in September and the largest increase of the month in 25 years. Of particular note are beef, which rose 4.83%, soybean oil, with an increase of 22.34% and rice, with an increase of 18.48%.
Along with President Jair Bolsonaro (without a party) in his weekly broadcast this Thursday, the Minister of Agriculture, Tereza Cristina, said that the new crops should reduce the price of rice until January.
On Wednesday, the Central Bank decided to keep the Selic interest rate at a historic low of 2%, despite accelerating inflation. The move is in line with the expectations of economists.
Another factor cited by the newspaper as responsible for the drop in purchases is the reduction since September from R $ 600 to R $ 300 in emergency aid. Now, the government seeks to articulate with Congress ways to create a new income transfer program, replacing Aid and Bolsa Família. The challenge is to do it without breaking the spending ceiling.
Furthermore, Estadão states that the government has been considering proposing a benefit specifically aimed at workers laid off during the COVID-19 pandemic, but who have not had access to unemployment insurance or emergency aid.
The benefit would be a counterproposal to the demand of the trade union centrals for the extension of unemployment insurance in two installments, which would cost up to R $ 16.7 billion. According to the newspaper, the economic technicians preliminary estimate the number of workers who lost their jobs between March 20 and September 30 at 256,000.
Guedes versus banks
During a hearing in Congress on Thursday (29), Economy Minister Paulo Guedes stated that Febraban (the Brazilian Federation of Banks) would finance studies so that the “spending minister” would weaken him.
“Febraban is a very honorable lobby, the lobby is very fair. But it has to be written on the forehead, ‘banking obby’, which is for everyone to understand what it is about. Including financing studies that have nothing to do with the defense of banking transactions. It is important to say this. Financing of the minister of expenses to see if a roof is pierced, to see if the other side collapses ”.
Guedes did not mention any specific names. But in general, the media interpreted that he seemed to make a veiled reference to the Minister of Regional Development, Rogério Marinho. While Guedes defends respect for the spending ceiling, Marinho defends financing public works and increasing spending to boost the recovery of the economy after the covid pandemic.
Hours after the minister’s speech, the UOL portal published a report in which it indicated that it had access to a copy of the study contract mentioned by Guedes. It would be financed by Febraban and 10 other entities, and should be executed by the UNDP (United Nations Development Program), in cooperation agreement with the Ministry of Regional Development.
The cost is R $ 20 million, and the result must be a set of proposals for economic recovery after the pandemic, and the conclusion must be within two years. It must bring new business model proposals, with space for public and private investment and reduction of inequalities.
He also criticized banks for opposing the creation of a new tax on digital transactions, which has been compared to the old CPMF. Guedes has been trying to create a tax of this type since 2019, a kind of compensation for the extinction or reduction of the 20% contribution of companies on payroll to Social Security.
In mid-October, the minister had already stated that the banks themselves would charge a kind of tax of the type, in reference to the TED and DOC rates, which is charged on transactions.
“Febraban is the one that most subsidizes and pays economists to advise against this tax, but Febraban is doing it because he wants to drink this water that banks drink. Check the transfers you made last month. Banks charge 2%, 1%, 3%. The exception is the big customer. When it has R $ 10 million [na conta] he doesn’t pay. The bank charges 10 times more for TED than the tax we are demanding for digital traffic, ”he said.
Corporate radar
Suzano Papel e Celulose reported a net loss of R $ 1,157 billion in the third quarter of 2020. The amount represents a decrease of 66.54% compared to the net loss of R $ 3,460 billion in the same period of the previous year . The data was published on Thursday 29 in a balance sent to CVM.
The company also reported a net loss attributable to the shareholders of the parent company of R $ 1,160 billion. The amount represents a fall of 66.47% compared to the net loss attributed to controllers of R $ 3,460 billion in the same period of the previous year.
Lojas Americanas registered a consolidated net profit of R $ 49.9 million in the third quarter of 2020, an increase of 3.5% compared to the same period of 2019. In 9 months, the retail chain accumulates a loss of 6.4 million . , compared to a profit of R $ 107.4 million last year.
The B2W e-commerce group recorded a loss of approximately R $ 36.8 million in the third quarter compared to a loss of R $ 102.5 million in the same period of 2019, or a drop of 64.1%, with strong sales growth after the quarantine measures against Covid-19.
The corporate software producer Totvs increased its adjusted net profit by 3.8%, to R $ 82.5 million in the third quarter of 2020.
The company, which is trying to buy its rival Linx (LINX3), saw its adjusted EBITDA rise 34%, to R $ 161.4 million, above the R $ 140.8 million expected, on average, by analysts, according to the Refinitiv build.
Fleury increased by R $ 132.1 million in the third quarter, an increase of 45% in the annual comparison. The company improved its financial and operational metrics in the third quarter as gradual alleviation of social isolation allowed the diagnostic medicine group to expand consulting revenue and resume staggered procedures during the Covid-19 peak.
Transmissão Paulista registered a slight 2.4% drop in net income in the third quarter compared to the same quarter last year, totaling R $ 400.6 million.
“The readjustment of the Permitted Annual Income (RAP) for the 2020/2021 Cycle impacted the result due to the accounting of the Adjustment Portion (PA),” he highlighted.
Itaú reported that Milton Maluhy Filho will replace Candido Bracher as CEO in February. For the next 3 months, Maluhy and Bracher will lead the transition process.
(Com Reuters e Bloomberg)
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