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Good news for Wall Street. Uncertainty in Europe. Bad news for Brazil. That would be a good way to summarize the price of the largest markets in the world during the morning, considering that the US actions managed to decouple from the pessimism of their European and Asian peers thanks to more encouraging industrial data, and that nobody is experiencing as much turbulence as Sao Paulo.
Ignoring the friction points that investors live in other latitudes, including concern about the stimulus package of the European Union and the lack of concrete progress in the fight against the coronavirus, the largest US indexes add strong gains.
The Composite Nasdaq leads the gains, with a jump of 1.13%, while the industrial Dow Jones and the S&P 500 rise 0.66% and 0.60%, respectively.
These results are in an environment of greater optimism regarding the number of durable goods and capital goods published today in the US, which was seen as a sign of resilience by the country’s industrial sector.
Earthquake in Sao Paulo
Unfortunately, the region is experiencing another situation, with the ghost of political uncertainty waking up in Brazil and putting severe pressure on the country’s financial markets.
This after the Brazilian Justice Minister Sergio Moro resigned, accusing President Jair Bolsonaro of interfering in police matters.
The turmoil caused by the news caused a crash of more than 3% in the real Brazilian against the dollar -supporting, incidentally, a slight drop in the Chilean peso- and a 6.47% contraction in the São Paulo benchmark Bovespa at this time, falling to lows of almost three weeks.
This in part influenced the shares of Latam Airlines, which gets a significant percentage of its revenue from Brazil, leading the declines in the IPSA payroll, falling 3.54% to $ 2,961 at the moment.
With everything, the national selective falls 1.43% at the moment, standing at 3,694.93 points, with the titles of the construction company SalfaCorp, the bottling company CCU and the electric company Enel Chile, accompanying the national airline with losses of more than 3%.
But the prize in the local stock market for poor performance goes to Enjoy, who loses more than a third of its market value today after announcing the start of a judicial restructuring process.
Europe and Asia
In Europe, the biggest contractions were seen in Spain, where the Madrid Ibex lost 1.30% at this time, while the English FTSE 100, the French CAC and the German DAX posted losses of 1.28%, 1.30% and 1.69%, respectively.
All in all, the pan-European benchmark EuroStoxx 50 lost 1.52% of its value today.
Asia experienced a similar day: at the close, the Japanese Nikkei and the Chinese CSI 300 posted losses of 0.86% and the Hong Kong Hang Seng contracted 0.61%.
Yesterday the leaders of the European Union decided to build an emergency fund of one trillion (million million) euros, to help the economies of the bloc to alleviate the effects of the pandemic, but discussion of more specific details was postponed of the plan, which raised investors’ anxieties.
Furthermore, on the front lines of the fight against respiratory disease, global capitals were disappointed when the potential treatment for the Covid-19 in which the company Gilead is working No functionOr in his first clinical trial, so hopes of controlling the disease on that side are also fading for now.
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