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Global stock markets rose this morning, helped by new data on the euro zone economy. In addition to European stock exchanges, New York futures indices are also rising, while most Asian stocks closed higher.
In Brazil, the market also follows the information that the Ministry of Economy raised the primary deficit expectation to R $ 861 billion in 2020, according to a report released last night, which represents an increase in relation to the deficit of R $ 787. , 45 billion expected for public accounts at the end of the July report.
Also in the domestic scenario, the expectation is growing to create a tax on digital transactions, after President Jair Bolsonaro gave the green light to the idea. According to Folha de S.Paulo, now the government will seek the support of the centão to present the proposal to Congress. The expectation is to raise R $ 120 billion per year with the new tax, in line with the defunct CPMF.
In the corporate sphere, the announcement of the combination of the Localiza and Unidas businesses, through a share exchange contract, stands out. In addition, Petrobras announced a 4% increase in gasoline sold to refineries, while Cemig and Weg announced the payment of dividends to shareholders.
1. Global exchanges
Global exchanges were up this morning, and investors reacted to new economic data in Europe. European stock exchanges are trading in positive territory, as are the New York futures indices. In Asia, stocks closed higher, with the exception of Japan, which fell slightly.
European economic activity showed slower growth in September, with the Markit Purchasing Managers Index (PMI) at 50.1, down from 51.9 in August. Even so, readings above 50 indicate an expansion in activity. Before that, Spain revised its Gross Domestic Product forecast for a 17.8% drop in the second quarter compared to the previous period, less severe than the previous estimate of 18.5% drop.
In Europe, stock indices are advancing this morning. The Euro Stoxx index was up 1.48%. Italy’s FTSE MIB is up 1.63%, while Germany’s DAX is up 1.71%. The CAC, in Paris, rose 1.87% and the FTSE 100, in London, gained 2.23%.
In the United States, the futures indices of the Stock Market are on the rise, after closing the day yesterday positively, with the shares of technology companies showing recovery. S&P 500 futures were up 0.48%, while Dow Jones futures were up 0.73%. Nasdaq futures are up 0.46%.
Still, September has been a weak month for all three indices. The Dow Jones fell 4%, while the S & P500 and the Nasdaq lost 5.3% and 6.9% this month, respectively.
In Asia, markets closed higher, except for Japan, where the Nikkei fell 0.06%. In China, Shanghai SE rose 0.17%, while Hong Kong’s Hang Seng Index advanced 0.11% and South Korea’s Kospi rose 0.03%.
In the region, investors responded to comments made by Federal Reserve Chairman Jerome Powell on Tuesday. He said the Central Bank remains committed to supporting the economy for as long as necessary. In addition, he warned that the economy could slow down in the coming months without further stimulus from Congress.
The growth of coronavirus cases continues to weigh on the markets, after British Prime Minister Boris Johnson recommended greater caution with the disease in the country. In the United States, the number of cases also showed an increase, after weeks of decline.
In the commodities market, iron ore futures fell again, 0.65% on the Dalian Stock Exchange, to 766,500 yuan. Oil, for its part, shows warming, with an increase of 0.78% in the WTI and an increase of 0.93% in the Brent rate.
* See the performance of the markets at 7 am (Brasilia time):
New York
* S&P 500 Futures (US), + 0.48%
* Nasdaq Futures (US), + 0.46%
* Dow Jones Futures (US), + 0.73%
Europe
* Dax (Germany), + 1.70%
* FTSE 100 (UK), + 2.24%
* CAC 40 (France), + 1.87%
* FTSE MIB (Italy), + 1.58%
Asia
* Nikkei (Japan), -0.06% (closed)
* Kospi (South Korea), + 0.03% (closed)
* Hang Seng Index (Hong Kong), + 0.11% (closed)
* Shanghai SE (China), + 0.17% (closed)
Commodities and Bitcoin
* WTI oil, + 0.78%, at $ 40.11 a barrel
* Brent oil, + 0.91%, at $ 42.10 a barrel
** Iron ore futures traded on the Dalian Stock Exchange closed 0.65% lower, trading at 766,500 yuan, equivalent to $ 112.96 today (in the last 24 hours).
USD / CNY = 6.78530
* Bitcoin, $ 10,473.09 + 0.37%
2. Agenda
Investors are watching IBGE’s IPCA-15 launch today at 9am. According to the Bloomberg consensus projection, the estimate is 0.39% in September, compared with 0.23% in August, showing a small carryover from the wholesale maximum that led the second IGP-M preview of the same month to jump. at 4.57%.
FGV reveals September Consumer Survey.
Also expected today is the US Markit Purchasing Managers Index (PMI), which will update the outlook for the economy’s recovery. The Europe indicator was announced this morning.
Also, another speech from Fed Chairman Jerome Powell is expected today at the Congressional Subcommittee on the Coronavirus Crisis.
This Wednesday marks the second day of the largest real estate fund event in the country, between September 22 and 24. Online and free of charge, the FII Summit – Real Estate Funds Forum, organized by the InfoMoney, brings together executives from some of the largest construction companies and developers in the country, as well as economists, analysts and managers from FII, 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 full schedule by clicking here.
3. Deficit and new tax
The Ministry of Economy raised the expectation of the primary deficit in 2020 to R $ 861 billion, according to a report released last night, which represents an increase in relation to the deficit of R $ 787.45 billion expected for public accounts in the Final of July.
For this year, the government was authorized to record in its accounts a primary deficit of up to R $ 124.1 billion, according to G1. The new calculation considers a 4.7% retraction of the Gross Domestic Product (GDP) this year, equal to the latest estimate released by the Ministry of Economy.
The revenue forecast in 2020 worsened R $ 9,725 billion, rising to R $ 1,446 billion in the case of gross revenue and R $ 1,185 billion in net revenue.
The worsening is due to changes in tax legislation to combat covid-19, a result of the collection between June and August 2020 and the revision of the estimates of the impact of the postponement in tax collection, according to O Estado de S. Paul. The expense forecast increased R $ 63.6 billion in relation to that projected in the third quarter, to R $ 2,046 billion.
Another highlight of the national news is the information that the digital transaction tax proposal prepared by the team of the Minister of Economy, Paulo Guedes, received the green light from President Jair Bolsonaro. According to Folha de S.Paulo, now the government will seek the support of the centão to present the proposal to Congress. The expectation is to raise R $ 120 billion per year with the new tax, in line with the defunct CPMF.
The funds will pay the payroll tax exemption. The benefit would end this year, but Congress extended it until the end of 2021. The proposal is expected to be presented by government leaders this week, according to the state of São Paulo.
4. Investigations
Also noteworthy is the information that President Jair Bolsonaro and his sons made cash donations to finance their electoral campaigns from 2008 to 2014, according to Folha de S.Paulo.
In total, R $ 100 thousand were injected, which represents values of R $ 163 thousand, adjusted for inflation. Although transactions in kind are not a crime, they can be aimed at making it difficult to trace the origin of the securities, according to the publication.
Still on the Bolsonaro family, yesterday Congressman Eduardo Bolsonaro (PSL-SP) delivered a deposition of more than six hours to the Federal Police in the investigation that investigates the financing and organization of antidemocratic acts.
In addition, the data on the flow of currencies showed an unprecedented outflow of external resources, according to O Globo. In the first eight months of the year, US $ 15.2 billion left the country, the highest volume since the beginning of the historical series, in 1982. In addition, foreign investors withdrew R $ 87.3 billion from the stock market Brazilian from January to 17. September 2020.
This is almost double what was registered in the whole of last year, when R $ 44.5 billion came out. It is the largest deviation from the B3 series, which began in 2008. In addition to the global crisis and uncertainties about the fiscal adjustment in Brazil, the advance of fires and deforestation may further aggravate the situation, according to the newspaper.
5. Corporate radar
In the corporate news, the highlight is the announcement of the combination of the Localiza and Unidas businesses, through a share exchange agreement. Under the agreement, announced last night, Unidas shareholders will receive 0.44682380 common shares issued by Localiza to replace each of the common shares issued by Unidas that they hold. As a result, Localiza shareholders would jointly own 76.85% of the total and voting capital of the combined company, and the then United shareholders would jointly own 23.14%.
In addition, investment bank BR Partners and logistics company Hidrovias do Brasil will set the price per share today in their initial public offerings. Petrobras announced a 4% increase in gasoline sold to refineries, while Cemig and Weg announced the payment of dividends to shareholders.
Itaúsa, a Brazilian investment holding company that has companies such as Itaú Unibanco, Duratex, Alpargatas and NTS in its portfolio, will hold Panorama Itaúsa 2020 on September 23, from 10 am to 12 pm, a free digital event that will discuss the strategies of the investee companies. On the date, the holding company will also promote a debate on the current economic scenario and business prospects.
The event will be attended by executives Alfredo Setubal, president of Itaúsa, Candido Bracher, executive president of Itaú Unibanco, Roberto Funari, president of Alpargatas, and Antonio Joaquim de Oliveira, president of Duratex. The event will also feature the participation of Mário Mesquita, chief economist at Itaú Unibanco, who will address the prospects for the economy and investments in Brazil. Registration is open to the general public and to register, simply go to the website panorama.itausa.com.br [panorama.itausa.com.br].
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