See stock exchange and dollar quotes this Tuesday – 04/04/2023 – Market

The dollar opened this Tuesday (4th) alternating between stability and a slight drop against the real, accompanying the external weakness of the US currency, while investors await further speeches by the Minister of Finance, Fernando Haddad.

At 9:46 am, the American currency was sold at R$ 5.0671, a decrease of 0.07%.

The Ibovespa opened with a positive bias this Tuesday, in the midst of an environment favorable to risk assets abroad, while the corporate news in Brazil highlighted an agreement by Natura&Co to sell the Aesop unit to the French L’Oréal for 2.5 billion dollars.

At 10:03 am, the Ibovespa rose 0.04% to 101,543.76 points.

On Tuesday, the weekly data on unemployment insurance claims will be released, in addition to the job offer report in the country. All these indices serve as a parameter for projections for the Payroll, broader data on employment in the US, which comes out next Friday (7).

Investors should also pay attention to Haddad’s participation, in an event that will also feature speeches by the ministry’s Tax Reform secretary, Bernard Appy, and a Central Bank director.

Haddad will participate virtually at 5 pm at the Brazil Investment Forum event at Bradesco BBI, and investors should look for more signals from the minister on the details of the recently presented proposal for a fiscal framework.

At B3, at 9:46 am, the dollar futures contract for the first month fell 0.04%, at R$ 5.0870.

This fall was in line with the slight devaluation of the dollar index against a basket of strong peers this morning, with emerging pairs of the real alternating stability and marginal losses.

According to Guilherme Esquelbek, from Correparti Corretora, investors are “leaving aside concerns about the inflationary effects of an unexpected cut in OPEC oil production”, which supported the global appetite for risk.

The sharp rise in oil causes the Stock Exchange to close in a fall this Monday (3). However, in the end, the rise in Petrobras shares led to an improvement in overall performance at the end of the trading session, offsetting the effects of the sharp rise in oil prices in banks and retailers, impacted by the prospect of rising inflation.

The Ibovespa closed down 0.37% to 101,506 points. At the low of the day, the index reached 100,650 points. The spot commercial dollar closed practically stable, with a slight increase of 0.01%, at R$ 5.070.

In the futures market, interest rates were also close to stability. In contracts for January 2024, the rate went from 13.19% last Friday (31) to 13.20% this Monday. For January 2025, the rate dropped slightly, from 12.01% to 11.97%. Upon maturity in January 2027, interest increased from 12.07% to 12.04%.

The price of Brent oil rose 6.33% at 5:00 pm (Brasília time), with the value of a barrel going from less than US$ 80 last Friday (31) to close to US$ 84.82 this Monday. fair.

Saudi Arabia and other members of the OPEC+ group announced on Sunday (2) surprise cuts in oil production, totaling more than 1 million barrels per day.

Riyadh will implement a “voluntary cut” of 500,000 barrels a day, or just under 5% of its production, in “coordination with some other OPEC countries [Organização dos Países Exportadores de Petróleo] and not OPEC,” the country said on Sunday.

OPEC+ member Russia has said it will extend its current production cut of 500,000 barrels/day until the end of the year. Moscow’s reduction was first announced in March, in retaliation against measures by Western countries to impose a price cap on maritime exports of Russian oil, due to the Ukraine War.

Rystad Energy said it believes the cuts will tighten the oil market and push prices above $100 a barrel for the rest of the year, possibly taking Brent as high as $110.

UBS also expects Brent to hit $100 by June, while Goldman Sachs raised its December forecast by $5 to $95 (482).

Among the actions, there was a clear division in the impacts of this measure. Oil companies lead the Ibovespa highs this Monday, while retailers, banks and airlines are down.

Petrobras’ common and preferred shares rose 4.75% and 4.43%, respectively. Common shares of 3R Petroleum closed up 1.56%, and those of PRIO advanced 3.87%.

In retail, the highlight was the common shares of Lojas Renner and Grupo Soma, with drops of 7% and 5.79%, respectively. Assaí’s common rate fell 4.95%. Among the large banks, the biggest drop was with Itaú’s preferred, falling 2.79%. The preferred airlines Azul and Gol fell by around 4.15% and 3.89%.

Still in Brazil, President Luiz Inacio Lula da Silva (PT) said, this Monday (3), he disagreed with negative assessments of GDP (Gross Domestic Product) this year. According to him, economic growth will be greater than the “pessimists” predict.

The declaration took place at the opening of a meeting with ministers at the Planalto Palace, on the same day that the Focus Bulletin released the average GDP projection at 0.9%.

In New York, the day was full of fluctuations, but the closing was predominantly positive. “The initial understanding was that the cut in oil production could generate more inflation. But this perception dissipated after the release of the PMI of the United States, which made American interest rates retreat”, says Nishimura.

The Dow Jones index ended Monday up 0.98%. The S&P 500 closed up 0.37%. The Nasdaq, composed of technology companies, more sensitive to any perception of high inflation and interest rates, fell 0.27%.

A member of the Fed (Federal Reserve, the US central bank), James Bullard told Bloomberg on Monday that the task of controlling inflation may become more difficult with the cuts in oil production.

For the governor of Texas, Greg Abbott, the movement of OPEC + is an opportunity for Lone Star to boost the production of shale gas, seen by the United States as an energy alternative to oil.

According to Bloomberg, the governor points to a potential to increase the company’s production by 1 million barrels per day, leading to a total of 6 million barrels per day in the US state.

With Reuters