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Global exchanges are looking for a boost this morning, after a strong sell move that occurred the day before, when accusations against global banks and fears about the coronavirus worried investors. In Europe, the main exchanges rose slightly, while the New York futures trade without a definite direction. In Asia, by contrast, the stock market closed.
In Brazil, investors reflect the disclosure of the minutes of the Monetary Policy Committee (Copom) of the Central Bank this morning. In the document, Copom reiterated that due to prudential and financial stability issues, the remaining space to cut interest rates, if any, should be small. The market will also pay attention to President Jair Bolsonaro’s speech at the 75th edition of the United Nations (UN) General Assembly, which will be shown on video.
Also in the domestic scenario, it was reported that the reinforcement for Renda Brasil may come from cuts in the public sector. According to the State of São Paulo, his team has advised President Jair Bolsonaro to review costs with servers or condition the program to the approval of new initiatives. Among them would be the creation of a new tax.
On the business front, Totvs said yesterday that Linx’s independent special commission has been working to delay, or even prevent, the analysis of Totvs’ proposal to merge companies, with the aim of favoring Stone’s proposal. Furthermore, Ultrapar Participações and Cosan confirmed that they are in dispute over the purchase of the Presidente Getúlio Vargas Refinery from Petrobras, in Paraná.
1. Global exchanges
Global stock markets are looking up this morning, trying to rebound from losses the day before, when coronavirus fears and accusations against global banks brought markets down. In Europe, stocks show a slight increase, while New York futures do not have a single direction. In Asia, on the other hand, the markets closed negatively.
In Europe, the stock indices have gained after the sharp fall of the previous day. The Euro Stoxx index rose 0.66%. Italy’s FTSE MIB is up 0.99%, while Germany’s DAX is up 1.02%. The CAC, in Paris, and the FTSE 100, in London, fluctuated between negative and positive, but settled with increases of 0.30% and 0.38%, respectively.
Yesterday, shares of banks and tourism companies pressed the indices, amid fears that European countries will again impose restrictions to contain the advance of the new coronavirus in the region.
In the United States, future indices are having a hard time deciding on the positive. S&P 500 futures were up 0.13%, while Dow Jones futures were down 2.07%. Nasdaq futures were up 0.58%.
In Asia, markets closed with a drop led by South Korea, where the Kospi index fell 2.38%. In China, Shanghai SE fell 1.29%, while Hong Kong’s Hang Seng Index fell 0.98%.
In the commodities market, iron ore futures fell again, down 2.03% on the Dalian Stock Exchange, to 772,500 yuan. Oil, for its part, shows recovery, with an increase of 0.81% in the WTI and an increase of 1.38% in the Brent rate.
* See the performance of the markets, at 7:04 am (Brasilia time):
New York
* S&P 500 Futures (US), + 0.13%
* Nasdaq Future (US), + 0.58%
* Dow Jones Futures (US), -2.07%
Europe
* Dax (Germany), + 0.98%
* FTSE 100 (UK), + 0.35%
* CAC 40 (France), + 0.26%
* FTSE MIB (Italy), + 0.98%
Asia
* Kospi (South Korea), -2.38%
* Hang Seng Index (Hong Kong), -0.98% (closed)
* Shanghai SE (China), -1.29% (closed)
* WTI oil, + 0.81%, at $ 39.63 a barrel
* Brent oil, + 1.33%, at $ 41.99 a barrel
** Iron ore futures traded on the Dalian Stock Exchange closed 2.03% lower, trading at 772,500 yuan, equivalent to $ 113.81 today (in the last 24 hours).
USD / CNY = 6.78717
* Bitcoin, US $ 10,459.05 -4.56%
2. Agenda
Investors reflect the disclosure of the minutes of the Central Bank’s Monetary Policy Committee. In the document, Copom reiterated that due to prudential and financial stability issues, the remaining space to cut interest rates, if any, should be small.
The minutes also repeated that any future adjustment to the current degree of stimulus would occur with additional gradualism and will depend on the perception of the fiscal path and prospective inflation. The document also indicates that, despite an asymmetry in its risk balance, the Committee does not intend to reduce the degree of monetary stimulus. He also highlighted, the act assesses that persevering in the process of reforms and necessary adjustments in the Brazilian economy is essential to allow the sustainable recovery of the economy.
The BC statement that accompanied the decision to keep the Selic at 2% per annum last Wednesday (16) was considered slightly moderate, reiterating the future orientation that the monetary authority should not increase interest rates in the short term.
Abroad, after the Fomc’s more dovish stance, the US Central Bank’s monetary policy committee, the Federal Reserve, has helped devalue the dollar globally in recent days, Fed Chairman Jerome Powell will make pronouncements on three different days. this week, starting today.
In comments posted ahead of his testimony Tuesday before the U.S. House of Representatives Committee on Financial Services, Powell will highlight that the Federal Reserve remains committed to using all the tools at its disposal to help the U.S. economy recover. of the crisis. hit of the coronavirus pandemic.
In focus, to help investors find the best opportunities in this scenario, the InfoMoney holds the largest real estate fund event in the country, between September 22 and 24.
Online and free, the FII Summit – Real Estate Funds Forum will bring together executives from some of the largest construction companies and promoters in the country, as well as economists, analysts and managers from FIIs, who will discuss the trends of this market in its various segments ( commercial, hotel). , logistics and residential).
To participate in the FII Summit, which has the support of XP Investimentos, register for free on the event website. Check the schedule for this Tuesday by clicking here.
3. Watch the outside
Today, the market continues to follow the external scenario, which yesterday brought a strong movement of risk aversion, taking the Ibovespa index to its lowest level since the beginning of July. After the revelation that some of the world’s largest banks would be involved in suspicious transactions involving $ 2 trillion, analysts estimate that inspection of the sector is likely to increase in the near term.
However, according to the state of São Paulo, there should not be a new round of regulatory tightening. In addition, experts estimate that Brazil should feel the effect through the market, that is, the effect on share prices, only due to a greater aversion to risk. This is because Brazilian legislation is already more rigid.
Another issue on the international radar is the advance of the coronavirus in Europe, where 300,000 cases were recorded last week. The second wave of contamination in France, Spain, Germany and the United Kingdom could bring the region back into lockdown, indicating that the continent has been experiencing the most delicate phase of the epidemic since mid-May.
In the domestic scenario, it was reported that the reinforcement for Renda Brasil may come from cuts in the public sector. According to the State of São Paulo, his team has advised President Jair Bolsonaro to review the costs with servers or condition the program to the approval of new initiatives. Among them would be the creation of a new tax.
4. President’s speech
Investors will also pay attention today to President Jair Bolsonaro’s speech at the 75th edition of the United Nations (UN) General Assembly, which will be shown on video. According to G1, there is an expectation that the environmental issue will be addressed, as the country faces international criticism for the increase in fires in the Amazon and the Pantanal.
On the eve, Bolsonaro celebrated the expansion of the sugar quota that Brazil can export to the United States. However, according to Folha de S.Paulo, the increase in the quota was expected since April.
The sugar and alcohol sector did not welcome the move. In a note, the Union of the Sugarcane Industry (Unique) affirmed that the measure has been habitual and does not represent “any structural advance for greater access for Brazilian sugar to that country,” according to the State of São Paulo.
In national news, the information that Brazil is one of the countries that most feels Covid inflation is also striking. According to Folha de S.Paulo, a study by Argentine economist Alberto Cavallo, professor at the Harvard University Business School, compared the inflation caused by the health crisis with the variation captured by consumer price indices.
Among the 18 countries analyzed, Brazil showed the greatest disparity between Covid inflation and the IPCA. Brazil appears at the top of the list because it presented a combination between a strong increase in food prices (9% annually in May) and a drop in transportation costs (2.5%).
5. Corporate radar
In the corporate news, one of the highlights was Totvs ‘statement that Linx’s independent special committee has been working to delay, or even prevent, the analysis of Totvs’ proposal to merge companies, with the aim of favoring the proposal. made by Roca. Furthermore, Ultrapar Participações and Cosan confirmed that they dispute the purchase of the Presidente Getúlio Vargas Refinery from Petrobras, in Paraná.
Another highlight is the news that Petrobras should postpone offering the 37.5% that the oil company still owns in BR Distribuidora until there is an improvement in capital market conditions, according to Valor Econômico. At the same time, B2W approved a capital increase of R $ 4 billion, while B3 announced the payment of dividends.
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