The Ibovespa closed up 1.12% this Wednesday (4), at 105,334.46 points, in a truce after a more negative start to the year, with Petrobras among the main supports after Senator Jean Paul Prates, nominated by the Union to preside over the company, affirm that it will not detach fuel prices from international values.
The increase occurs after the Ibovespa accumulated a 5% drop in the first two trading sessions of 2023, amid fears with the country’s new government, with a more interventionist and statist bias, in addition to doubts regarding the dynamics of the public debt in the coming years and fears about possible repeal of laws and reforms.
The dollar closed around stability, with a negative variation of 0.04%, quoted at R$ 5.451 on sale, reflecting adjustments in positions after the recent rise in the currency and positive reactions from investors to the new government’s nods to maintaining the price policy of the Petrobras and structural reforms promoted in previous administrations.
Throughout the session, the US currency alternated highs and lows against the real, after registering appreciation of 3.3% in the first two working days of Luiz Inácio Lula da Silva’s presidency.
It is normal, after sharp movements in Brazilian assets, to have occasional moments of adjustment, as investors make profits, say experts. However, fears remained in the market about the agenda of the new president and his ministers, which should maintain high volatility in the short term.
“Political news continues to add pressure on the domestic scenario – with doubts about the dynamics of the public debt in the coming years and fears about the possible repeal of laws and reforms – now with the possibility of a new pension reform”, highlighted XP Investimentos in a note to clients .
The day before, the new Minister of Social Security, Carlos Lupi, criticized in his inauguration speech the pension reform of the Jair Bolsonaro government, calling it “anti-reform” and giving signs that he will discuss changes.
On the other hand, the Minister of the Civil House, Rui Costa, said this Wednesday that there is no proposal being considered at this time for reviewing reforms, including social security.
Meanwhile, the relatively moderate posture of the Minister of Finance, Fernando Haddad, has not been able to put an end to the market’s pessimism.
“Haddad’s speeches show an approach considered ‘friendly’ to the market, addressing issues such as fiscal responsibility and tax reform. At the time, fears remained in the market about the agenda of the new president and his ministers, who should maintain volatility, so the lack of more concrete signs, such as, for example, the new fiscal anchor, has frustrated operators,” said Levante Investimentos in report.
Abroad, the session was one of falling commodity prices such as iron ore and oil, while Wall Street adopted a positive bias, in a session marked by expectations for the release of the minutes of the last interest rate decision by the US central bank .
The minutes of the meeting, released this Wednesday (4), showed monetary policy makers still focused on controlling the pace of price increases, which threaten to be stronger than expected, and worried about any “misperception” in the financial markets that their commitment to fighting inflation is somehow weakening.
Petrobras
Petrobras shares, which fell more than 1% earlier, after the resignation of Caio Paes de Andrade as president of the company, advanced more than 3% this afternoon. Preferences (PN) appreciated by 3.18% and common (ON) by 1.67%.
The government nominee to head the state-owned company, Jean-Paul Prates, said this Wednesday, during Geraldo Alckmin’s inauguration ceremony at the Ministry of Development, Industry, Commerce and Services (MDIC), that there would be no change in the company’s pricing policy. oil company, as well as direct intervention in the market.
With the early departure of Caio Paes de Andrade, production executive director João Henrique Rittershaussen was chosen to lead Petrobras on an interim basis until the election and inauguration of the new CEO.
On Tuesday (3), the Ministry of Mines and Energy sent a statement to Petrobras’ Board of Directors confirming that Senator Jean Paul Prates will be appointed to take over the company’s command.
Source: CNN Brasil
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