The day after the approval of the Proposed Amendment to the Constitution (PEC) of the Transition, the stock market had another drop and reached the lowest level since August. The US currency had a stable day, closing slightly higher.
The B3 Ibovespa index closed at 107,249 points, down 1.67%. The indicator is at the lowest level since August 5th. The shares that fell the most were those of private banks, reflecting the maintenance of the Selic rate (basic interest rate of the economy) at 13.75% per year, and those of Petrobras.
Yesterday (7), the Central Bank did not change the economy’s interest rates, which are at the highest level in five years. However, the statement from the Monetary Policy Committee (Copom) indicated the possibility that the Selic rate will remain high for longer due to “heightened uncertainty about the future of the country’s fiscal framework and additional fiscal stimuli”, in a reference to the PEC of the Transition. High interest rates drive investors away from the stock market and encourage investments in fixed income.
The commercial dollar closed the day sold at R$5.216, up R$0.01 (+0.2%). The price had a day of comings and goings, reaching BRL 5.23 in the first minutes of trading and falling to BRL 5.19 a few times throughout the day.
With today’s performance, the US currency accumulates a high of 0.27% in December. In 2022, the currency drops 6.46%.
Expected to be voted by the Chamber of Deputies next week, the Transition PEC was approved last night in two rounds by the Senate with a reduction of R$ 30 billion in relation to the initial value. The amount of expenses outside the spending ceiling fell from BRL 198 billion to BRL 168 billion, and the exception period fell from four to two years.
Abroad, investors are waiting for the next meeting of the Federal Reserve (Fed, US Central Bank), which will take place next week. The release of the news that unemployment insurance claims have risen again in the United States has increased expectations that the Fed will begin to ease the monetary tightening, increasing the chances of the body raising basic interest rates in the largest economy on the planet by 0, 5 percentage points, after four consecutive hikes of 0.75 points.
*With information from Reuters
