Dollar retreats against the real after the jump on the eve

The dollar fell against the real in the first trades this Wednesday (23), in an adjustment movement after the jump on the eve, while investors monitored the attempt to challenge the polls by President Jair Bolsonaro’s party and awaited the definition of the text of the PEC of Transition.

At the same time, markets were awaiting the release of the minutes of the Federal Reserve’s last monetary policy meeting, at 4 pm (Brasília time).

At 9:13 am (Brasília time), the spot dollar retreated 0.14%, to R$ 5.3720 in the sale. On the B3, at 9:13 am (Brasília time), the first contract dollar futures contract rose 0.19%, to R$ 5.3800.

This Tuesday (22), the stock exchange, exchange rates and interest rates once again measured investor concerns with the turbulence generated by the change of government in the country, on a day when Brazil went against the grain of a positive external market.

The spot commercial dollar closed up 1.26%, quoted at R$5.3790 on sale. On a day of global devaluation of the US currency, the real delivered the worst return in sight compared to the main currencies of emerging countries.

The DI interest rate for 2024, the reference for short-term credit, rose again after a break the day before, rising from 14.26% to 14.35% per annum.

Creating more noise in a business environment already tumultuous by the debate on the Transition PEC, the PL, Jair Bolsonaro’s party, asked the TSE (Superior Electoral Court), even without presenting evidence of fraud, the invalidation of votes cast in part of the ballots.

In response, the president of the TSE, Minister Alexandre de Moraes, determined that the PL add to its request for annulment of votes the electronic ballot boxes also used in the first round of elections.

Reference of the Stock Exchange, the Ibovespa index fell 0.65%, to 109,036 points, recovering part of the loss that went from 1% throughout the session.

The performance was against the grain of the exterior. In the United States, the main stock indices rose. The benchmark indicator for the New York market, the S&P 500, advanced 1.36%. Dow Jones and Nasdaq gained 1.18% and 1.36% respectively.

Expectations about a reduction in dividend payments and uncertainties regarding the change in Petrobras’ management led the company’s shares to fall by around 5% during the day, but there was a partial recovery while the price of oil rose in the international market.

Saudi Arabia reported that OPEC+ (a cartel of producer countries and allies) will maintain production cuts and could take other measures to balance the market. This led the barrel of Brent oil to a high of 1.22% in the late afternoon, at US$ 88.52 (R$ 472.10).

Most traded shares in this trading session, preferred shares of Petrobras closed down 0.77%. Ordinary bonds, on the other hand, had a slight increase of 0.05%.

President-elect Luiz Inácio Lula da Silva (PT) should promote a change in the presidency of Petrobras, initiating deeper changes in the company.

Lula plans a broad exchange in the first and second echelons of the company and that at least part of the high dividends being paid by the state-owned company to shareholders in the wave of high oil prices are directed to investments.

Lula’s transition team also wants to suspend all procedures in the oil and gas sphere, which are on Petrobras’ list of responsibilities, including privatizations, such as the Bolivia-Brazil gas pipeline.

In addition, analysts at UBS BB cut the recommendation of the shares to “sell”, from “buy” previously, as well as cut the target price of preferred shares from R$ 47 to R$ 22, in a report released at the end of Monday (21).

In a report also released at the end of Monday, Itaú BBA analysts warned that a potential change in the company’s pricing policy could result in considerable impacts (especially if a pricing policy based on production costs goes ahead).

With Reuters