INSUBCONTINENT EXCLUSIVE:
The Brazilian stock market experienced a significant upturn on Monday, November 4, 2024
expectations of an imminent fiscal package announcement
Finance Minister Fernando Haddad hinted at the forthcoming release of public spending measures.He stated that the technical aspects were
well-advanced, suggesting readiness for an announcement
The US dollar fell 1.47% against the Brazilian real, closing at R$ 5.7831 ($1.01).In addition, investors closely monitored corporate news
and third-quarter earnings reports
(Photo Internet reproduction)Financial analysts raised their inflation projections for 2024 and 2025, exceeding the central inflation target
Among individual stocks, Magazine Luiza and Cogna led the gains with over 11% increases.These companies, operating in retail and education
sectors, are particularly sensitive to macroeconomic factors like interest rates and inflation.Brazilian Market ResilienceVale, a major
player in the Ibovespa, saw a positive performance
This aligned with the upward trend in iron ore prices, which closed 0.91% higher at $109.36 per ton in Dalian, China.Petrobras shares also
rose, supported by a nearly 3% increase in Brent crude oil futures for January 2025
In contrast, Azul extended its losses following credit rating downgrades by S-P Global and Fitch.Braskem shares declined amid a CEO change
victory influenced some market segments
The tight race suggests vote counting may extend over several days.Regarding US monetary policy, consensus expects a 25 basis point rate
cut, potentially bringing the federal funds rate to 4.50%-4.75%.In short, this market movement highlights the complex interplay between
domestic fiscal policies and global economic factors shaping investor sentiment.
