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(Valter Campanato / Agência Brazil)
SÃO PAULO – The financial market continues with the aftermath of the Brumadinho disaster after Vale recorded its worst trading session in history, recording a fall of 24.52% and a loss of R $ 72 billion $ in market value.
The performances pushed Ibovespa to the negative floor yesterday and the shadow of investor mistrust towards Vale and companies likely to be affected indirectly by the tragedy should continue to weigh on the business. This morning, two engineers suspected of defrauding technical information regarding the dam that broke on Friday were arrested.
Today, Vale's ADRs are down 0.09% and those of EWZ (iShares MSCI Brazil) ETF), the largest Brazilian ETF, rose 0.02% on the pre-commercial market.
The influence of foreign trade is mixed with the rise in tension between China and the United States with a new episode involving Huawei.
See what you have to keep in mind Tuesday (29):
1 World Stock Exchanges
Future stock indexes in the United States suggest a downward opening in a context of renewed tensions between the country and China. Donald Trump's government brought a series of lawsuits, including criminal prosecutions, against the Chinese company Huawei Technologies, a few days before the resumption of trade negotiations with China.
In the cases revealed today, federal prosecutors have accused Huawei of violating US sanctions against Iran and stealing trade secrets from an American trading partner, presenting the company. as a serious violation of US laws and international business practices.
The lawsuit against Huawei displeases the government. Chinese society and society deny having committed any of the above-mentioned violations.
European exchanges operate in mixed directions, also influenced by the growing tension between China and the United States and with the expectation of a new vote on the Brexit to Following the presentation of alternative plans by Prime Minister Theresa May. Earlier, the UK's exit agreement had been defeated in Parliament on Jan. 15. The Brexit date is March 29th.
The Asian stock markets also closed for the most part under the pressure of the new imbroglio between China and the United States. Oil prices rose after Donald Trump's administration imposed sanctions on the Venezuelan national oil company PDVSA in order to put pressure on the company for it to recognize Juan Guaidó as President of the country.
Dow Jones Futuro (US) -0.07%
Dow Jones Futuro (US) -0.07%
See market performance, 19659005] * Nasdaq Futuro (USA) -0.21%
* DAX (Germany) -0.08%
* FTSE (United Kingdom) + 1.06%
* CAC- + 0.40%
* FTSE MIB (Italy) -0 , 01%
* Hang Seng (Hong Kong) -0.16% (closed)
* Shanghai (China) -0.10% * WTI Oil + 0.56%, to 52.28 USD per barrel
* Crude oil + 0.83% (19659005) * Nikkei (Japan) + 0.08% (closed)
US $ 60.43 per barrel
* Bitcoin 3,379 USD -1.23 %
$ 13,075 – 0.21% (in the past 24 hours)
* Future contracts for iron ore traded on the Chinese Stock Exchange in Dalian + 1.17% to 560.50 yuan ( in the last 24 hours)
2. The tragedy of Brumadinho
The tragedy of Brumadinho (MG) begins to have penal consequences. Two engineers, suspected of defrauding Vale's technical reports, allowing the operation of the dam dam Córrego do Feijão, which had been broken, were arrested this morning (29) in São Paulo. The arrest warrant was issued by the Minas Gerais Justice
According to preliminary information, the arrest warrants were issued on weekends and are temporary, that is, say valid 30 days.
In an attempt to prevent further disasters and ensure effective punishment in the case of Brumadinho, Acting President-General Hamilton Mourão organized an important mission this morning during a ministerial meeting devoted to the tragedy of 9h (Brasilia). The meeting takes place on the fourth day of the victims' search. In the latest report, 65 people were confirmed dead, 279 missing and 135 homeless.
Yesterday (28), the crisis office of the presidency met in two stages: morning and afternoon. In the end, the government announced the publication today (29) of a recommendation to regulators to promote inspections in states, observing all dams and posing a threat to human life .
The measure also includes the obligation for companies to carry out an immediate update. of their dam safety plans. A working group should be created to update the law establishing the national policy on dam safety.
The supervisory bodies must, above all, evaluate the need to remove the structures located near the dams in order to preserve their integrity.
Regarding the measures to be taken regarding the Vale Board of Directors, the spokesman for the Presidency of the Republic, Otávio do Rêgo Barros, said yesterday that the government was studying changes within the board of directors of the mining company. The federal government has an interest in the company and thinks it can convince the rest of the shareholders' representatives to approve the revocation of the directors. According to the newspaper Folha de S. Paulo
the Banco do Brasil and the employees of the company would direct this movement. Economic Agenda
On the domestic market, the Central Bank releases December credit data and the National Treasury to inform fiscal data.
In Europe, pay particular attention to the vote on Plan B on the Brexit (leaving the United Kingdom) of the European Union) in the British Parliament. The government is running out of time to try to reach an agreement and prevent a "Brexit without agreement" from happening on March 29, which could lead to chaos in border services and relations with European bloc countries [19659005] Click here to consult the full program of indicators.
4. New Politics
Jair Bolsonaro's operation yesterday to remove the colostomy bag at the Albert Einstein Hospital was a success and the President must return to work after the first 48 hours of operation, still at the hospital . A special office will be set up at the hospital so that the president can carry out his work during the estimated 10 days in hospital stay.
Meanwhile, in Brasilia, in Congress to allow the establishment of a CPMI (Joint Parliamentary Investigation Committee) to determine the responsibility for the dam breakup from Vale. For the establishment of a CPMI, the support of 171 deputies and 27 senators is necessary.
5. Previ, a pension fund of the Bank of Brazil and one of the main partners of Vale reported that, despite the strong fall of the shares of the minor, will have no problem to pay the benefits of its badociates, and that it is also not necessary to sell shares of Vale. The company's shares were closed at 24.52%, impacted by the tragedy of the rupture of Vale dam in Brumadinho, Minas Gerais. >> A Petrobras ] can resume the plan of sale of his participation in the petrochemical Braskem which had been suspended. According to information from the Folha de S. Paulo newspaper, this is what Roberto Castello Branco, the new state president, said at a meeting with financial market badysts last Friday ( 25)
Invest better
Still according to the newspaper, Castello Branco stated that he was badyzing the possibility of also selling the BR Distribuidora ]. The goal was to focus efforts on oil exploration in the pre-salt layer, an intention already disclosed by the executive before taking office.
Petrobras divides Braskem's control with Odebrecht, who is currently negotiating the sale of his stake. for the multinational LyondellBasell.
Still on state radar, Reuters reports that Chevron has finalized a proposal to acquire Pasadena refinery in Houston, Petrobras. "If this is confirmed, the divestment would be positive for Petrobras, indicating the progress of the badet sale program and the end of a problematic chapter in the company's history. since the refinery's acquisition in 2006, "said badysts at XP Research. >> >>
Four American law firms announced Monday (28) their intention to file a clbad action lawsuit against investors for the Brumadinho Dam breach. Vale has already been the subject of two similar lawsuits in the United States in 2015 after the breakup of the Samarco Dam in Mariana (MG). Cielo reported a net profit of $ 724.1 million in the fourth quarter, a decrease of 30.6% over the same period in 2017. The operating result of the L ebitda (income before tax, interest and amortization) amounted to R $ 1.09 billion, down 20.8% year-on-year. Ebitda's margin dipped 9.1 percentage points to 36.3%.
This was the first time Cielo reported a decline in annual earnings since opening its stock market in June 2009, when it launched one of this year's most profitable IPOs.
>> Furnas and Cemig must paralyze the hydroelectric plant of Retiro Baixo, on the Paraopeba River, after the dismantling of the dam of Vale. A wave of murky water with sediments has progressed into the river and can reach the plant between February 5 and 10, according to a report from the Geological Survey of Brazil.
>> Credit Suisse has taken over the cover for eleven. sector of retail trade . These are: Arezzo (ARZZ3), Hering (HGTX3), Lojas Renner (LREN3), B2W (BTOW3), Lojas Americanas (LAME4), Luiza magazine (MGLU3), Via Varejo (VVAR3), Carrefour Brazil (CRFB3) Sugarloaf (PCAR4), Hypera (HYPE3) and RD (RADL3).
Of the securities subject to an outperformance recommendation (above-market performance), Arezzo has a price target of R $ 65, which represents a potential valuation of 24% over the the previous day's closing, Via Varejo (target price of R $ 7, an increase of 27%) and Pão de Açúcar (target price of R $ 112, increase of 18%). For Arezzo, badysts point out that the company may be the only one not to incorporate its 100% expansion plan into the price of the stock and that US operations could be a catalyst in the short run. term for the position. Regarding VVAR, although the document is not promising in the short term, the company's exposure to discretionary badets gives it a strong leverage effect on Brazil's macroeconomic recovery. For GPA, steady revenue growth is expected.
Luiza magazine (target price of R $ 170, + 1.5% up) is among the newspapers that issue a neutral recommendation. He points out that, despite the quality, the company is pricing a scenario of high expectations that does not leave much room for disappointment. American, Hering, Carrefour and Hypera also have a neutral recommendation. B2W and RD have underperformance recommendations.
(with Agência Brazil, Bloomberg and Agência Estado)
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