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SÃO PAULO – The Ibovespa hit a record high on Wednesday (23) and closed up 1.53%, to 96,558 points, after statements by Jair Bolsonaro and the Minister of Finance. Economy, Paulo Guedes, Davos, on the pension reform and the taxation of interest on equity and dividends.
Alan Ghani, a professor at InfoMoney, explains that the optimism of financial markets reflects the financial commitment to welfare reform, which has led to the decline in government bond rates this year. morning. "The statements mean that the market believes that the government will be able to honor its commitments, which reduces the risk premium," he said. On Thursday (24), Ghani explained that the investor who bought the paper at a higher rate (about 15 days ago) is now able to pull mixed gains from the sale.
In other words, if the investor bought a paper at a rate of 7.40% per annum, for example, and today the program pays 7.20% per annum, its title offers a profitability superior to that of the market and is therefore worth more.
Thus, the investor may sell the paper in advance at a higher price than he had paid in the past, realizing gains of more than 7.40% per annum.
According to Ghani, the current situation is characterized by turbulence and high volatility, which allows government bond yields to continue to fall in the medium term. "Any statement from the minister will lead to higher rates if they are pessimistic or decline if they are in favor of reform," he said.
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