Ibovespa, B3's main index, rose 0.90% (Photo: Valentyn Ogirenko / Reuters)
The tension generated by drone attacks on Saudi Aramco, the world's largest oil company, is still reflected in the markets. The news of the resumption of production brought a relief to business. The commercial dollar closed down 0.30% against the real, quoted at R $ 4.0768. The Ibovespa, B3's main index, rose 0.90% to 104,617 points.
In the previous trading session, the price of oil in the international market soared and closed with a high of 14.6% (the largest daily percentage gain since 1988). Today, however, has entered a correction process. The Brent barrel falls 7.11% to $ 64.11, close to the closing time of business in Brazil.
This drop contributed to the retreat of Petrobras shares. The state-owned shares depreciated 1.32% in preferred shares (non-voting preferred shares) and 1.55% in common shares (voting preferred shares).
– Today investors take the opportunity to pocket the profits from yesterday's sharp rise. It is the technical adjustment of the market that explains the declines in companies' shares – highlights Pedro Galdi, analyst at broker Mirae Asset.
Petrobras, in turn, announced that it would not review fuel prices for now. The news, according to analysts, also has a negative impact on the behavior of the state's shares on Tuesday.
"Internally, any risk of fuel price manipulation by Petrobras will be closely monitored by investors," Levante Investimentos analysts wrote.
The drop in the price of oil contributes to the airlines, which yesterday suffered heavy losses, reverse the scenario and record profits. Azul rose 3.09%, while Gol recorded appreciation of 5.55%.
The Federal Reserve (Fed) has announced that it has injected more than 53 billion liquidity to prevent rates on very short-term operations from exceeding US interest rates – currently between 2% and 2.25% per annum. This type of operation has not been done since the 2008 global markets crisis.
– It's a measure that brings insecurity. It is still unclear what triggered this interest rate in the short term. It may have been punctual, but it is important for the Fed to explain what happened to calm the mood, ”said Cleber Alessie, the currency trader at H.Commcor.
The Fed's decision on the interest rate policy of the world's largest economy is taking place tomorrow and is expected to cut by 0.25 percentage points.
The dollar recedes on a global scale. The dollar index, which measures the behavior of the US currency against a basket of ten currencies, was down 0.40%.
Guilherme Esquelbek, an analyst at Correparti Corretora de Cambio, recalls that the currency in Brazil came into operation early in the morning, but lost strength with the expectation of a solution to the trade war.
"In the afternoon, the dollar went to the negative with the statement that US President Donald Trump could strike a trade deal with China even before the US presidential election," he said.
This week, the Brazilian Central Bank also meets to discuss and decide what will be the behavior of local interest rates. Analysts project that the monetary authority will cut the rate by 0.5 percentage points, causing the Selic rate to renew the historic low from 6% to 5.5% per year.
Even amid geopolitical tensions, analysts do not believe that the attack on Aramco would have the strength at this time to reverse a rate-reducing trend observed at recent Central Bank meetings.
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