The dollar opened this Wednesday (31) higher against the real, reflecting the persistence of international fears of recession amid aggressive cycles of monetary tightening in major economies, while traders warned of high chances of volatility on the day due to the formation of the month-end Ptax.
Ptax is an exchange rate calculated by the Central Bank. At the end of each month, financial agents usually try to direct it to levels that are more convenient for their positions, whether they are long or short in dollars.
At 9:09 am (GMT), the spot dollar advanced 0.74%, at R$5.1500 on sale, but still on the way to closing August in the red.
On B3, at 9:09 am (GMT), the dollar futures contract with the first maturity rose 0.46% to R$5.1495.
The day before, the dollar regained strength against the real, while the main global stock exchanges recorded significant losses.
The sentiment of greater risk aversion on Tuesday (30) came after numbers considered strong by analysts on the job market in the United States renewed fears about the pace of interest rate hikes by the Federal Reserve (Fed, American central bank), increasing the chances of a recession in the largest global economy in the coming months.
After opening the last session in a fall against the real, the dollar reversed its trend in the morning and started to operate in a firm high above 1%. At the close, the American currency had an appreciation of 1.54%, quoted at R$ 5.111 for sale.
On the Stock Exchange, the broad stock index Ibovespa fluctuated in negative territory throughout the session, and ended down 1.68%, at 110,430 points.
The movement was in line with what was observed in the main American stock exchanges – the S&P 500 dropped 1.10%, the Nasdaq dropped 1.12%, and the Dow Jones closed down 0.96%.
US employment and German inflation reinforce global risk aversion
The new session of reducing risk appetite among investors on a global scale comes after the US Department of Labor reported this morning that open job vacancies in the US economy increased in July, with no signs that the demand for labor work is slowing, which could keep the Fed on its aggressive path of tightening monetary policy.
Open job vacancies, a measure of labor demand, rose to 11.239 million on the last day of July. Additionally, the June data has been revised upwards to indicate 11.040 million job openings instead of 10.698 million as previously reported.
The Fed is trying to cool demand for labor and the economy in general to bring inflation down to its 2% target.
Fed Chair Jerome Powell warned last week that Americans are heading for a painful period of sluggish economic growth and possibly rising unemployment as the U.S. central bank aggressively raises interest rates in a bid to balance supply and demand.
In Europe, inflation data in Germany further reinforced investors’ fears about a more aggressive tightening of interest rates in the Old Continent.
Inflation in Germany hit its highest level in nearly 50 years in August, surpassing a previous high set just three months earlier under the weight of energy prices.
German consumer prices rose 8.8% year-on-year after an unexpected 8.5% rise in July, Germany’s federal statistics office said on Tuesday.
Amid the sharp rise in prices in Europe, boosted by the Russian invasion of Ukraine, the market is considering the possibility of a more aggressive increase in interest rates in the region.
The ECB (European Central Bank) should include an interest rate hike of 0.75 percentage point among its options for the September monetary policy meeting, given exceptionally high inflation, the ECB council member said on Tuesday. and Estonian central bank president Madis Muller.
With inflation approaching double digits, the ECB is almost certain to raise rates again on Sept. 8, and some policymakers are now advocating another big move after a 50-point hike in July.
“I think 75 basis points should be among the options for September as the inflation outlook hasn’t improved,” he told Reuters during a conference.
Oil crash knocks Petrobras shares down
In the local market, Petrobras shares registered a strong fall, in the wake of the decline in oil prices in the international market.
Preferred shares in the state-owned oil company dropped 5.95%, while common shares closed down 5.64%.
Oil prices fell sharply on Tuesday on fears that an inflation-induced weakening of global economies would dampen demand for fuel.
A barrel of Brent oil was down by 5.15% around 5:30 pm, quoted at US$ 99.68 (R$ 504.49).
Still on the Brazilian stock exchange, BRF shares closed down 1.1%, after the company informed that its chief executive, Lorival Luz, resigned from his position, and that he will be replaced by Miguel Gularte, who served as CEO of Marfrig. Global Foods.
Marfrig holds 33.27% of BRF, being the company’s main shareholder.
In a statement, BRF said that Gularte and Luz will begin a transition period that will conclude by September 30. He also informed that the appointment of the new CEO does not indicate the intention, at this moment, of a merger with Marfrig.
with Reuters
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