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SÃO PAULO – Ibovespa traded between profit and loss on Tuesday (29) with a recovery in sales recorded the previous day limited by persistent disappointment among investors due to the announcement of the Renta Ciudadana program by the government.
The decision to finance the replacement of Emergency Aid with resources from the payment of precautions and Fundeb sounded like a fiscal pedal and the Brazilian Bar Association (OAB) has already declared the idea unconstitutional.
In the Federal Court of Accounts (TCU) and in Congress, the two government proposals were seen as a form of “creative accounting”, the same strategy that the Dilma Rousseff government used to improve the country’s fiscal result, according to Folha de S.Paulo.
The lack of clarity on the creation of a new tax on digital financial transactions along the lines of the CPMF was also frowned upon. Economy Minister Paulo Guedes said the idea is being discussed, but there is no consensus on the use of the instrument to compensate for the exemption from payroll tax.
International stock markets are trading today with slight lows after yesterday’s rally. The caution is motivated by the first presidential debate in the United States at a time when the world reaches one million deaths from the coronavirus.
At 10:15 am (Brasilia time), the Ibovespa rose slightly by 0.47%, to 94,940 points.
Meanwhile, the commercial dollar increased 0.3% to R $ 5,649 in the purchase and R $ 5.65 in the sale. The US dollar maturing in October was stable at R $ 5,661.
In the futures interest market, the ID of January 2022 rises three basis points to 3.14%, the ID of January 2023 advances seven basis points to 4.65%, the ID of January 2025 rises six basis points at 6.71% and the DI of January 2027 registered a positive variation of six basis points at 7.71%.
Expectations abroad also fall on the stimulus to the US economy that influences investors. Last night, Democrats unveiled a $ 2.2 trillion stimulus package, smaller than originally proposed, but above what Republican leaders were offering.
In Europe, the pound is advancing amid speculation that successful Brexit trade talks could help shield the UK from a confusing break with the European Union.
Citizen income controversy
Investors will continue to follow in the footsteps of the federal government, after a day of heavy market turmoil. The announcement of measures to finance the government’s new social program, called Renta Ciudadana, fell so badly in the financial market that advisers close to President Jair Bolsonaro began to advocate for a change, according to G1. The idea would be to abandon the role of precautions to pay for the new social program, according to the portal.
The proposal to extend the payment of court orders was criticized by various fronts of society. Even without the lock, this stock of debt related to these judicial decisions already exceeds R $ 70 billion, according to the sheet. The Brazilian Bar Association (OAB) issued a note saying that postponing payment of court orders is unconstitutional.
The idea of using funds from the basic education fund (Fundeb) also disliked. Entities such as the Brazilian Basic Income Network and Todos pela Educação have warned that the idea is unconstitutional, according to Estadão.
In the Federal Court of Accounts (TCU) and in Congress, the two government proposals were seen as a form of “creative accounting”, the same strategy that the Dilma Rousseff government used to improve the country’s fiscal result, according to Folha de S.Paulo.
Among the assistants of Minister Paulo Guedes (Economy), the solution was also seen as a “pedaling”, according to the newspaper. The assistants to the mayor, Rodrigo Maia (DEM-RJ) and opposition leaders made the same criticism.
Yesterday, the reaction was so negative that the government leader in the Chamber, Ricardo Barros (PP-PR) held a conference call with financial market participants to understand the market reading, according to Economic value. The Ibovespa index fell 95 thousand points, while the dollar rose to R $ 5.63 and the future interest curve became stressed.
According to StatusLimiting the payment of precautions to 2% of current net income can free up to R $ 40 billion for the government’s new social program, the Citizen Rent, according to calculations by Legislative technicians. However, the newspaper showed that a similar proposal has already been declared unconstitutional by the Federal Supreme Court (STF).
New CPMF postponed
Another important issue is the creation of a new payment tax, similar to the old CPMF. So far, the idea has not received the necessary support from President Bolsonaro’s parliamentary base.
Thus, according to sheet, the delivery of the second phase of the tax reform proposal was postponed again. According to the government leader in the Chamber, the Executive will only present the text if there are 340 favorable votes.
In addition, the news that the federal public debt increased 1.56% and reached R $ 4.412 trillion in August is noteworthy. Although certain indicators show an improvement due to a more favorable external environment, the National Treasury affirms that there is uncertainty for investors about the Brazilian public accounts. This has limited numbers and long-term pressured interest rates, according to sheet.
As for the vacancy in the Federal Supreme Court (STF), the expectation is that Bolsonaro will make a statement at the last minute to prevent the chosen name from being exposed to public wear and tear. This is because the anticipation of Celso de Mello’s retirement generated pressure from political, legal and evangelical groups on President Bolsonaro, according to the Status. In the Senate, the expectation is that the appointment will occur around October 15.
Another focus of attention is the decisions announced yesterday by the National Council for the Environment (Conama) to revoke the protection against deforestation in mangroves and sandy areas. Shortly after their presentation, the measures were the subject of a series of judicial questions, according to Estadão.
Corporate radar
In the corporate sphere, Boa Vista confirmed an IPO price of R $ 12.20 per share, in the center of the indicative range, in an offer that moved R $ 2.17 billion. Hapvida announced the purchase of Grupo Santa Filomena for R $ 45 million, while Vale reported the payment of US $ 5 billion of its revolving credit lines maturing in June 2022 and December 2024.
The IRB prepares a simple debenture issue, in two series, for an amount of up to R $ 900 million. Furthermore, Braskem was evaluated by the Instituto do Meio Ambiente de Alagoas, while CCR and EzTec will pay dividends.
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