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SÃO PAULO – The Ibovespa eased the gains of more than 1% registered in the opening of businesses this Thursday (23), beginning to advance less than the indexes of the United States.
Among the indicators, investors absorb the data on unemployment insurance in the United States, which was slightly better than expected, but which has reached a cumulative total of 25 million applications since the beginning of the crisis.
Also, here, the Central Bank remains on the radar after the interest market raises Selic cut bets, as Fitch Ratings’ Sovereign Valuation Mission opens.
At 11 a.m. (Brasilia time), the reference index of the Brazilian stock market registered an increase of 0.30%, to 80,932 points, while the commercial dollar advanced 0.95%, quoted at R $ 5.4590 in the purchase and R $ 5.4610 for sale The future dollar for May rises 0.04% to R $ 5,466.
In the future interest market, the DI for January 2022 increases 7 basis points, at 3.32%, while the DI for January 2023 increases by 11 points, to 4.40%. The contract for January 2025 advances 16 basis points to 6.12%.
Among basic products, oil rises again sharply, with WTI jumping more than 20% with the tension between the US. USA And Iran and with signs that the Organization of Petroleum Exporting Countries and allies (OPEC +) may deepen the cut in their production
According to Bradesco BBI analysts, the statement on the eve of President Donaldo Trump, which authorizes the US Navy. USA To scrap Iranian ships, it should “provide support for oil prices in the short term, as markets expect a possible escalation of conflicts.”
There was also optimism in the market with the assessment that, with oil prices at record lows, producers will continue to decrease production and close wells in the United States. Oklahoma state regulators said they would help producers close wells without hiring leases, which gave them relief as many want to cut production but are at regulatory risk if they do.
Meanwhile, the number of claims for unemployment benefits in the United States last week was 4,427 million, slightly below the average expectation of financial market economists compiled in the Bloomberg consensus, which pointed to 4.5 million claims. In the previous week, the result had been 5,245 million orders.
In Europe, although some corporate results for the first quarter exceeded expectations, such as that of the bank Credit Suisse, Markit published that the Euro Zone Purchasing Managers Index (PMI) plummeted to 13.5 points in April, reports CNBC. The PMI for the euro zone had already been quite negative in March, when it was 29.7 points. Any result below 50 points indicates an economic recession.
In France, the composite PMI fell to 11.2 points in April, from 28.9 points in March, the worst result since Markit began voting in 1998.
Credit Suisse posted a net profit of 1.33 billion Swiss francs in the first quarter of 2020, an expansion of 75% over the same period last year. French automaker Renault reported a 19.2% drop in sales in the first quarter, but warned that it is too early to assess the impact the coronavirus epidemic could have on earnings.
Fitch in Brazil and the market with an eye on BC
This Thursday, the opening of the Sovereign Evaluation Mission of Fitch Ratings takes place in a meeting between the president of the Central Bank, Roberto Campos Neto, Shelly Shetty, head of the Sovereign Area of Fitch in Latin America, Todd Martínez, director in the Sovereign Fitch Area Paulo Moreira Marques and André Duarte Veras, representatives of the National Treasury Secretariat. The meeting is held by videoconference closed to the press at 3 in the afternoon. The Central Bank conducts foreign exchange auctions starting at 11:30 a.m.
The Central Bank also remains on the radar after the increase in Selic’s bets due to the change in the BC president’s speech to a more moderate tone, which brought the dollar to R $ 5.41. in the middle of the even lower carry trade (see more by clicking here). In addition to the event with Fitch, Campos Neto participates today in events with BIS and Morgan Stanley.
Pro-Brazil Program
The post-covid-19 Pro-Brazil economic reoccupation program, launched last Wednesday, will be implemented on a large scale starting in October. The schedule for the preparation of the program was presented by the Minister of the Civil House, General Braga Neto, despite the divergences of the economic team.
The minister said that the plan has the support of minister Paulo Guedes. However, the post-crisis plan exposes the differences between the economy and the civilian house. According to Valor Econômico, Guedes demarcated, in a meeting with his colleagues from Esplanada, the limits of the infrastructure investment plan to promote the recovery of the economy: maintain and respect the spending ceiling and encourage investment with private resources.
Meanwhile, the government is studying the expansion of guarantees to encourage loans to companies with incomes of up to R $ 300 million, according to the newspaper O Globo. The proposal to encourage working capital and payroll assistance is to reformulate the BNDES fund.
The special secretary for Privatization, disinvestment and markets, Salim Mattar, announced on Wednesday the abandonment of the objective of privatization and divestment in 2020 with the change in the economic scenario caused by the coronavirus pandemic.
Corporate news
On corporate radar, BR Malls resumed operation of two of its shopping centers. United reported that its Board approved the repurchase of up to 20.3 million shares. Totvs approved the issuance of R $ 200 million in obligations. CSN, Gerdau, Usiminas have a negative outlook for S&P.
Telebras announced last night that it increased its share capital from R $ 1.54 billion to R $ 3.1 billion. According to the state telecommunications company, 18.1 million new ordinary and preferred shares were issued. According to the company, the shares can be listed on B3 as of April 30.
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