by Andrew Romani
SAO PAULO (Reuters) – The Ibovespa had another volatile session this Wednesday, with the attention of investors focused on the analysis of the PEC of Precatório in a Senate committee and on the busy economic data agenda in the US, including the minutes of the last Federal Reserve meeting.
At 12:14, the Ibovespa rose 0.61%, to 104,289.78 points. In the low so far, it dropped to 102,464.29 points. At the maximum, it advanced to 104,383.32 points. The financial volume totaled 7.8 billion reais.
One of the focuses of attention in Brazil is turned to the analysis of the PEC dos Precatórios in the Constitution and Justice Committee of the Senate this Wednesday.
The day before, the rapporteur of the text and leader of the government at the House, Fernando Bezerra (MDB-PE), announced six changes to the proposal, including the definition of Auxílio Brasil as a permanent social program worth 400 reais. The plenary vote is expected next week.
The head of economics at Rico Investimentos, Rachel de Sá, said that uncertainties still weigh on Brazilian assets. “The scenario ‘it can be worse’ is still being priced”, he said, referring to the lack of control in public accounts.
In the US, Wednesday smelled like a weekend eve, as US markets close next session for the Thanksgiving holiday and close earlier on Friday.
Before that, however, a battery of economic data was taking the spotlight, including inflation figures, GDP and initial jobless claims, with the afternoon still reserving the minutes of the last Fed’s monetary policy meeting.
The economic agenda gains even more relevance given the market’s expectation of an increase in interest rates by the Federal Reserve earlier than initially expected, after the reappointment of Jerome Powell for another term at the head of the Fed.
HIGHLIGHTS
– BANCO INTER UNIT rose 4.6%, rehearsing a recovery after closing the day before at a low since January 7th. In the banking sector, BRADESCO PN and ITAÚ UNIBANCO ON appreciated by 0.9% each.
– VALE ON recorded an increase of 1.7%, as did steel mills, in the wake of the appreciation of the prices of iron ore futures in Asia.
– PETROBRAS PN rose 1.4%, with the company’s disclosure of the 2022-2026 strategic plan on the radar on Thursday. The negotiations also had as a backdrop the fall in oil prices abroad.
– TIM ON retreated 0.7%. The company said it has not received any direct contact or proposal from KKR, the US private equity firm that has made an offer for the Brazilian company’s parent, Telecom Italia.
– LOJAS RENNER ON yielded 0.4%, despite the proximity of Black Friday, given the scenario of rising inflation and a tightening monetary cycle, which also weakened other apparel companies. SOMA ON GROUP had its third consecutive drop and yielded 4.3%.
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