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Markets begin Thursday with a bias to the downside, after statements by Federal Reserve Chairman Jerome Powell had an impact on the Asian stock markets, which closed, and on Europe, which opened lower. .
New York futures are stable. The most important indicator of the day will be released in the morning, with data on how many workers applied for unemployment insurance last week. China will launch several indicators at 11 p.m. on its economy in April, which should show whether and the speed of the world’s second-largest economy is recovering. In the corporate news, highlighted for the balance sheets of Via Varejo, Ultrapar, Pão de Açúcar and Sul América, among others, published last night.
1. Global grants
Stock markets in Europe opened lower, while Asian stocks closed lower on Thursday. New York futures are close to stability. Comments by Federal Reserve Chairman Jerome Powell made yesterday continue to resonate in the markets.
Powell said additional monetary policy measures may be necessary to pull the United States out of recession and predicted tough times for the looming economy, but without putting negative interest rates as a measure to reverse that situation.
The comments made later by the President of the United States, Donald Trump, were also frowned upon by the markets. Trump said Dr. Anthony Fauci’s statements in the United States Senate “are not acceptable.” Fauci warned that a hasty reopening of the economy in the United States could lead to more “suffering and death.” Fauci has been director of the US National Institute of Allergy and Infectious Diseases. USA During decades.
In addition, Trump has said that he is “looking” at Chinese companies listed on the NYSE, Nasdaq, but that they do not follow US accounting rules, according to Fox Business. Goldman Sachs said yesterday that it now sees the unemployment rate in the United States reach 25%, not 15%.
In the commodity market, oil rises, with WTI reaching $ 26, while Saudi Arabia cuts supply. The International Energy Agency also said the outlook “improved a bit”, with demand slightly stronger than expected and supply constrained by the brutal drop in price.
See the performance of the markets, at 7:43 am (Brasilia time):
NY
* S&P 500 Futures (US), -0.17%
* Nasdaq Future (US), + 0.08%
* Dow Jones Futures (US), -0.27%
Europe
* Dax (Germany), -1.84%
* FTSE (UK), -2.36%
* CAC 40 (France), -2.02%
* FTSE MIB (Italy), -1.88%
Asia
* Nikkei (Japan), -1.74% (closed)
* Kospi (South Korea), -0.80% (closed)
* Hang Seng (Hong Kong), -1.45% (closed)
* Shanghai (China), -0.96% (closed)
* WTI Oil, + 5.26%, at $ 26.62 per barrel
* Brent Oil, + 4.28%, at $ 30.44 per barrel
** Iron ore futures contracts traded on the Dalian exchange closed 1.09% higher, trading at 647,500 yuan, equivalent to $ 91.29 today (in the past 24 hours). USD / CNY = 7.0922 (-0.02%)
* Bitcoin, $ 9,782.46 + 4.97%
2. Economic indicators
The United States Department of Labor discloses unemployment insurance claims at 9:30 a.m. from last week. The market projection is that 2.5 million workers have placed the order, below the 3.1 million registered in the previous week.
In China, the government releases a series of data on the economy in April at 11 pm: investments in fixed assets, industrial production and the unemployment rate.
3. Policy
As Bloomberg points out, President Jair Bolsonaro seeks to help Paulo Guedes, Minister of Economy, with a veto to readjust the civil service without exhausting the categories that support it. The possible solution would be to veto the readjustments, but at the same time allow the rules to be applied to allow the payment of benefits, such as the premium license. A new bill that authorizes adjustments only for police officers is also under study. This would be part of a political seam to prevent Congress from overriding the veto.
It is worth mentioning that, the day before, the Ministry of Economy said that it sees a drop in GDP of up to 6% with isolation.
Political tension is still on the radar, which continues in the air with a video still pending a Supreme Court decision and new testimonies that would reinforce Bolsonaro’s suspicion of interference with the PF, which he denies.
4. Coronavirus
After a month and a half of legal dispute, President Jair Bolsonaro yesterday delivered three tests to detect the coronavirus and all were negative. The exams were requested by the newspaper O Estado de S. Paulo. Two exams from the Sabin laboratory were presented, which contain code names, but with CPF, RG and Bolsonaro’s date of birth; and a third from the Oswaldo Cruz Foundation, which identifies the president only as “patient 05”. The three collections for the exams were held in March. For lawyers, the right to information prevailed.
Brazil overtook France yesterday and became the sixth country with the most Covid-19 cases, behind only the United States, Russia, Spain, the United Kingdom, and Italy. According to the newspaper O Globo, Brazil yesterday reported 11,385 confirmed cases in 24 hours and now it has 188,974 people with the disease. The death toll reached 13,149 last night.
5. Corporate news
The swing season is busy. Via Varejo, owner of brands such as Ponto Frio and Casas Bahía, recorded a net profit of R $ 13 million in the first quarter of 2020, reversing the loss of R $ 50 million registered a year earlier. Ultrapar reported a profit of R $ 160.9 million.
Grupo Pão de Açúcar reported a consolidated net loss of R $ 130 million, reversing the net profit of R $ 126 million in the same quarter last year. According to the group, although sales had a strong expansion, there was an impact of R $ 92 million due to the incorporation of operations in Colombia, Argentina and Uruguay to GPA. If it had not been for the incorporation and increase of gross debt services, GPA would have obtained R $ 65 million.
The insurance company Sul América reported a net profit of R $ 79.8 million in the first quarter of this year, a decrease of 64.3% annually. There was an expansion in health and dental plans, but the financial result had an impact in the reduction of the Selic rate, in the falls in the stock market and in an increase of 3 percentage points in the loss ratio.
This Thursday, the attention continues with the results, with the numbers of Azul, ABC Brasil, Bradespar, Ânima, B3, CCR, Copel, CSN, Localiza, Suzano, among others, while the highlight will be for Petrobras.
It was also highlighted, according to Bloomberg, that the rescue package for Gol, Azul and Latam will be R $ 4 billion. Estapar’s share price was set at R $ 10.50 in IPO, on the floor.
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