Friday, March 5, 2021

Dollar rises 0.2% in week marked by fiscal risk and threats to Petrobras – Prime Time Zone

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Agreements to resume emergency aid and Bolsonaro’s new attacks on the state-owned company put pressure on investors’ mood

Gary Cameron/ReutersUS currency accumulates high of 3.79% since the beginning of the year

The increase in fiscal risk with the resumption of emergency aid and the president’s new advances Jair Bolsonaro (without party) on the Petrobras put pressure on the financial market’s mood this week. Although the dollar having ended this Friday, 19, with a fall of 1.02%, to R $ 5.385, the scenario made the US currency close the week up 0.2%. In the month, the currency accumulated a decrease of 1.62%, while since the beginning of 2021 the dollar has already risen 3.79%. As expected, investors reacted with disgust to Bolsonaro’s negative comments about Petrobras, impacting the performance of the state Ibovespa. The main index of the Brazilian Stock Exchange ended with a decrease of 0.64%, at 118,430 points. The fall was driven by the state’s shares. Preferred paper (PETRA) decreased 6.63%, while ordinary paper (PETR3) registered a drop of 7.92%.

Investors had a negative impact on the president’s statements about changes in Petrobras, after the state company announced new readjustments in gasoline and diesel on Thursday, 19. In his weekly live, Bolsonaro criticized the increase and said that something will change in Petrobras in the coming years. days. Despite the president saying he has no control over the company, markets saw in the president’s speeches a new threat of interference in fuel prices. In an interview with Young pan, Adriano Pires Rodrigues, director of the Brazilian Infrastructure Center (CBIE), highlighted the impact of the declaration on the state-owned business. “When you say that, something can happen today, tomorrow. It is not a good speech. The market will react to this. It’s a ciphered message, and we don’t know what’s going to happen. The president is very unpredictable, so it may happen that he takes the president from Petrobras, and it may also happen that nothing happens. ”

Bolsonaro also announced changes in the federal tax on cooking gas and diesel as of March 1. According to him, after meeting with the minister Paulo Guedes and with the economic team, the federal government decided to make changes in taxes starting next month. “As of March 1, there will no longer be any federal tax on cooking gas, Eternal. There will be no federal tax on gas of kitchen, which currently averages R $ 90 at the end of the line, there for the consumer ”, he said. According to the president, in addition to LPG, diesel will also have the annulment of federal taxes starting in March. In the case of fuel, the value decrease will be valid for two months.

Still in the domestic news, investors continue to follow the negotiations for the return of emergency aid. Congressional leaders closed an agreement with the federal government to put the Proposed Emergency Constitution Amendment (PEC) to a vote next Thursday, 25. The text, which will present the clause that gives the loop for the resumption of the benefit, was delivered to the leaders by the rapporteur, Senator Márcio Bittar (MDB-AC), this Friday. The expectation is that the PEC will proceed without major problems and be approved by March 3. According to the president of the Senate, Rodrigo Pacheco (DEM-MG), the bill will include the war budget clause that removes the responsibility of the federal government to comply with the rule of law. spending ceiling. “This approval by the Federal Senate will allow, through a war budget clause, a calamity clause, so that there may be a breach necessary to implement emergency aid in Brazil.”

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Dollar rises 0.2% in week marked by fiscal risk and threats to Petrobras - Prime Time Zone