2023-10-04 22:50:35
© Reuters. REUTERS/Amanda Perobelli
By Paula Arend Laier
SÃO PAULO (Reuters) – The market closed with a discreet increase this Wednesday, with the positive effect of the truce on the increase in yields on US Treasury bonds being mitigated by the sharp fall in Petrobras shares, given the fall in oil prices. in the foreign market.
The reference index for the Brazilian stock market, Ibovespa rose 0.17%, to 113,607.45 points, one day after renewing a four-month low. At the day’s high, it reached 114,075.29 points. At its lowest point, it dropped to 113,036.3 points. The financial volume totaled 20 billion reais
In the United States, ADP figures showing a strong slowdown in job creation in the private sector endorsed a relief in US Treasury bond yields, after yields reached 16-year highs earlier in the day, with the return of paper 30 years reaching 5%.
Still, caution remains with new US labor market data expected this week, with emphasis on the government report scheduled for Friday, which could help define the Federal Reserve’s next steps in relation to the largest economy in the world. world.
Since last month, following signals from the Fed, concerns have grown about the possibility of higher interest rates for longer than expected in the US.
, one of the benchmarks in the North American stock market, closed with an increase of 0.81%. In Treasuries, the yield on the 10-year bond was 4.7329% at the end of the day, while the 30-year bond was 4.8671%, up from 4.802% and 4.937%, respectively, the day before.
Accommodation in the US bond market brought relief to DI contract rates in Brazil, which supported the recovery of interest-sensitive company securities. The consumer sector index closed up 1.36%, while the real estate sector index increased 1.87%.
“With the relief in future interest rates, cyclical assets performed better”, observed Terra Investimentos analyst Luis Novaes, attributing the movement to the behavior of Treasuries after data from , which fueled perspectives that the Fed may not raise interest rates. .
Still, he highlighted that the market still expects higher interest rates for a longer period than projections from a few weeks ago. “In this sense, the market also expects a greater impact on economic activity, which is negative for risk assets and commodities,” he added.
Highlights
– PETROBRAS PN (BVMF:) fell 3.97%, to 32.62 reais, following the strong decline in oil prices abroad, where the barrel closed trading at a low of 5.62%. PETROBRAS ON (BVMF:) fell 3.02%, to 35.62 reais. In the sector, PRIO ON lost 2.81%, to 43.90 reais, with operational data for September still on the radar. 3R PETROLEUM ON (BVMF:) closed down 2.93%, at 29.46 reais.
– ITAÚ UNIBANCO PN (BVMF:) rose 2.29%, to 27.21 reais, BRADESCO PN (BVMF:) advanced 3.38%, to 14.38 reais, on a day of robust performance in the sector, as the The opinion filed on the project for exclusive and offshore funds did not include changes to the rules of the JCP mechanism, a measure that would affect the banks’ results. On Tuesday, the project rapporteur had stated that his opinion should include a change in the mechanism. Furthermore, government sources told Reuters that the Ministry of Finance is evaluating an alternative model that would provide tax incentives to companies that invest in their businesses, replacing the JCP mechanism.
– VALE ON (BVMF:) fell 1.07%, to 65.87 reais, also weighing on the Ibovespa and increasing the fall in the week, marked by the absence of the price reference in China due to a holiday in the Asian country. The mining company’s base metals subsidiary, Vale Base Metals, signed this Wednesday a non-binding memorandum of understanding with BluestOne for the reuse of tailings from its Onça Puma mining operations, in Pará.
– YDUQS ON (BVMF:) jumped 7.61%, to 20.93 reais, favored by the more buying climate for papers sensitive to the domestic economy, in addition to a notice from the Ministries of Education and Health to obtain authorization to operate courses of medicine. This is a measure related to the More Doctors Law, allowing sponsors of private educational institutions to present projects for the installation of new courses in pre-selected municipalities. COGNA ON (BVMF:) rose 2.36%, to 2.60 reais
– LOCAWEB ON (BVMF:) advanced 7.19%, to 6.26 reais, driven by the recovery in the São Paulo stock exchange, against the backdrop of the relief in DI rates and after accumulating a drop of 8.6% in the first two trading sessions of the week. In the same context, MAGAZINE LUIZA ON (BVMF:) increased in value by 2.72%, to 1.89 reais, and CYRELA ON (BVMF:) closed up 2.82%, to 19.69 reais.
– AREZZO ON (BVMF:) rose 6.17%, to 65.52 reais, also against the backdrop of a report from JPMorgan (NYSE:), which raised the stock’s recommendation to “overweight”. The North American bank’s analysts also gave an “upgrade” to Lojas Renner and Vivara (BVMF:), in a report also including adjustments to the estimates and target prices of the companies and other companies in the sector. LOJAS RENNER ON (BVMF:) advanced 3.19%, to 12.93 reais, and VIVARA ON (BVMF:), which is not part of Ibovespa, gained 4.96%, to 27.31 reais.
– B3 ON (BVMF:) closed with an increase of 3.22%, at 11.86 reais on adjustment day, after losing 6.5% in the two previous sessions. The first trading sessions of October showed volumes well below the average for the year, as did September, which also saw the average daily volume decline in relation to August.
– AMERICANAS ON (BVMF:), which is not on the Ibovespa, fell 2.60%, to 0.75 reais, after announcing that it had suspended the sale process of Uni.co, which operates franchises such as Puket and Imaginarium, after considering that the offers received “do not reflect the real value of the asset”. He also stated that he will carry out the second tranche of financing of 2 billion reais financed by the company’s reference shareholders.
(Editing by André Romani and Patrícia Vilas Boas)
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