Porsche IPO, Apple gives up on increasing iPhone production and what matters in the market

ANDsta is the edition of newsletterr FolhaMercado this Thursday (29). want to receive it from monday to Friday at 7 am In your email? Sign up below:

Porsche raises BRL 48.75 billion in IPO

Porsche’s per share price in its IPO was set at 82.50 euros (R$ 427.86), at the top of the estimated range, according to a statement from Volkswagen this Wednesday.

The bid values ​​the sports car maker at 75 billion euros (R$ 390 billion), leaving it behind only Volkswagen itself, Toyota and Tesla, the most valuable automaker in the world, according to the Wall Street Journal.

The shares are expected to start trading from Thursday on the Frankfurt Stock Exchange.

More numbers: the operation will lift 9.4 billion of euros (R$ 48.75 billion), in the largest offering on the European stock exchanges since that of Glencore, in 2011, and the third largest IPO in the continent’s history.

The offer surprises not only because of its high value, but because it comes at a sour time for the global stock market. Currency tightening in the US and other major economies has dampened investor appetite for equities and serves as a disincentive to IPOs.

• The heated demand for the automaker’s shares in this scenario was interpreted by analysts as proof that Porsche’s business should be shielded from a probable recession.

• The explanation for this would be the profile of the automaker’s customers, rich enough for their purchase decision not to be affected by high interest rates and inflation.

In family: the listing will be of preferred shares only (no voting rights). Control of Porsche will remain in the hands of Porsche Automobil Holding, a family fund of the founder of the brand who is also Volkswagen’s largest shareholder.

• The two companies also share the CEO. Oliver Blume has been president of Porsche since 2015 and was announced in July to fill the same role at Volkswagen.

Is it time to buy pound?

After the pound sterling has tumbled 20% against the dollar this year – and a quarter of that in the last week – is it time for those who are scheduled to travel to the UK to buy the British currency?

Yes, but not all at once. For those planning a trip to the land of King Charles III, the best strategy remains the mid-price strategy, experts say.

Understand: the tactic is to make periodic purchases until the date of the trip. In this way, the tourist does not run the risk of losing the opportunity to acquire the currency for a lower value later on.

• In times of high decline, such as the current one, it may even make sense to increase the monthly purchase volume, but it is important to set aside a little to follow the average exchange rate strategy.

What explains the pound’s fall: the sharp retreat at the beginning of the week came after a package from the new British government to cut taxes in the country.

This Wednesdaythe Bank of England announced that it will buy as much government debt as is needed to restore the stability of government bonds and the currency.

Weak demand: despite the recent drop, demand for the British currency has not increased in exchange offices in Brazil, according to a survey by Abracam (Brazilian Exchange Association).

• Exchange bureaus do not yet know whether they will continue to accept paper pound notes after the deadline.

Apple lowers expectations about iPhone

Apple shares fell on Wednesday, against the market, after the Bloomberg agency reported that the company backtracked on its plan to expand iPhone production this year.

The shares of the American giant fell more than 3% in the trading session and closed down 1.27%, on a day that the main US indexes rose by around 2%.

What explains: Apple’s decision to contain its estimates comes amidst a scenario of massive doses of interest in the main economies to try to lower inflation.

In numbers: if it previously planned to increase iPhone production by 6 million in the second half of this year, now Apple is expected to manufacture something close to the 90 million devices it delivered last year, according to Bloomberg.

• The company’s manufacturers, which were preparing for an increase in 7% in orders after a forecast by Apple itself, were warned to slow down.

New house: The apple company said this week it would start moving some of its iPhone 14 production from China to India.

• The decision comes after the anti-Covid measures taken by the Asian giant at the beginning of the year stopped production in the country.

Use of overdraft sets record

The use of overdraft by Brazilians hit a record in August. were granted BRL 38.5 billion in this type of credit, which works as an “automatic loan” when the current account balance is in the red.

The amount represents the highest value ever recorded in the BC historical series, with data since March 2011.

In numbers: compared to July, the increase was 9.9%while in 12 months the increase is 27.3%.

• The interest rate charged in the modality also rose, from 127.4% per year in July to 128.6% In August.

• Since the beginning of 2020, the interest charged on the overdraft cannot exceed 8% per month (151.8% per year), according to the BC standard.

why it matters: the increase in the use of overdrafts is a cause for concern because the fees for this modality are among the highest in the market, second only to credit card interest.

• In August, the revolving fee – used when the consumer does not pay the full card bill by the due date – reached 398.4% per year, and that of the installments, the 185.9% per year.

delinquency increases: not only has the use of overdrafts increased, but the percentage of people who have not paid this loan on time has also increased.

• The rate rose 0.8 percentage point between July and August, to 12.4%. It was the highest rate recorded since December 2020.