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The second business day in national markets in 2023 should still bring a lot of volatility for investors. Tuesday begins with Finance Minister Fernando Haddad joining journalists live after the Ibovespa lost more than 3% in market value in yesterday’s session, with stateowned companies leading the losses.
The markets have yet to digest the flood of news and announcements from the new government at the start of his term. Despite the empty economic agenda, the recurring political appearances with speeches aimed at business make it difficult to get a clearer view of the economic direction. Yesterday even Justice Minister Flávio Dino decided to take part in the discussion on fuel prices.
Meanwhile, overseas markets are reacting upbeat to new data suggesting an improvement in China’s reopening. The increase in the number of subway users in the Asian giant’s key cities encouraged investors and hinted at the possibility that the worst of Covid could be over.
Wall Street futures are up nearly 1% this morning. In Europe, the Euro Stoxx 600 follows North American optimism and is up 1.60%. The dollar rose 1.24% against a basket of the world’s major currencies and could put pressure on the real, which suffered sharp depreciation yesterday as US investors stayed on vacation.
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