Brazil’s Financial Morning Call for December 2, 2024
As trading begins this Monday, markets are focused on key manufacturing and employment data releases across major economies.
The Focus Bulletin release at 8:25 AM will provide insights into market expectations for Brazil’s key economic indicators. At 10:00 AM, Brazil’s S&P Global Manufacturing PMI will offer a snapshot of the manufacturing sector’s health.
The Eurozone’s Manufacturing PMI (6:00 AM) and Unemployment Rate (8:00 AM) will provide important indicators of the region’s economic conditions. The U.S. Manufacturing PMI at 11:45 AM will be closely watched for signs of industrial activity in the world’s largest economy.
Economic Agenda for December 2, 2024
Brazil
- 8:25 AM – Focus Bulletin
- 10:00 AM – S&P Global Manufacturing PMI
Eurozone
- 6:00 AM – Manufacturing PMI
- 8:00 AM – Eurozone Unemployment Rate
United States
- 11:45 AM – Manufacturing PMI
Mexico
- 12:00 PM – Manufacturing PMI
Brazil’s Markets on Friday
The Brazilian stock market experienced a tumultuous week as investors grappled with the government’s latest fiscal announcements. The Ibovespa, Brazil’s main stock index, closed with a slight gain of 0.86% at 125,676.39 points on Friday. However, this modest increase did little to offset the week’s overall losses.
The market’s performance reflected a growing unease among investors. The Ibovespa recorded its worst weekly decline since mid-September, falling 2.46%. This downward trend extended to the monthly outlook, with November showing a 2.9% decrease. Investor sentiment soured following the government’s unexpected announcement of an income tax reform.
The proposal, which aims to increase the tax-exempt income threshold to 5,000 reais per month, caught many off guard. It raised concerns about the government’s commitment to fiscal responsibility.
U.S. Markets on Friday
U.S. stock markets were closed on Thursday, November 28, 2024, in observance of the Thanksgiving Day holiday. Markets reopened on Friday, November 29, but closed early at 1:00 PM ET. The early closure could have led to lower trading volumes and reduced liquidity in global markets.
Commodity Markets
Oil prices faced a notable decline on November 29, 2024, driven by easing supply concerns following a ceasefire between Israel and Hezbollah. Brent crude settled at $72.94 per barrel, down 0.46%, while U.S. West Texas Intermediate (WTI) dropped to $68 per barrel, reflecting a 1.05% decrease. Over the week, Brent fell by 3.1% and WTI by 4.8%, indicating a significant shift in market sentiment.
Corporate and Market Highlights
Brazil’s state-owned enterprises hit a record R$ 7.7 billion deficit in the first ten months of 2024, marking the highest deficit recorded since the Central Bank began tracking this data in 2002.
Brazil’s gross public debt reached a historic milestone in October 2024, surpassing R$ 9 ($1.5) trillion for the first time, representing 78.6% of Brazil’s GDP.
The Brazilian real faced unprecedented pressure, with the U.S. dollar soaring to new heights against the currency. The dollar closed at R$6.00 for the first time, reflecting investor concerns over Brazil’s fiscal outlook and potential inflationary pressures stemming from the new fiscal package.
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Outlook
Investors will closely monitor today’s economic data releases for insights into manufacturing trends, unemployment, and economic growth both domestically and internationally.
The release of Brazil’s S&P Global Manufacturing PMI will provide critical information on the manufacturing sector’s health, influencing economic outlook and potential policy responses.
European data, including the Eurozone’s Manufacturing PMI and Unemployment Rate, will offer valuable perspectives on the economic conditions within the Eurozone.
The U.S. Manufacturing PMI will be particularly important for assessing the health of the world’s largest economy and its potential impact on global markets.
Key Factors to Watch Today:
- Brazil’s S&P Global Manufacturing PMI: Insights into the manufacturing sector and potential effects on economic growth.
- Fiscal Policy Developments: Ongoing reactions to the government’s fiscal package and its implications for economic stability and investor confidence.
- Global Economic Signals: Eurozone and U.S. manufacturing data may impact global trade and investment flows.
- Monetary Policy Expectations: Anticipation of potential interest rate adjustments in Brazil and internationally, influenced by economic data releases.
All times are in Brasília Time (BRT)
Disclaimer: The information provided is for informational purposes only and should not be considered financial advice. Investors are encouraged to conduct their own research or consult a financial advisor before making investment decisions.
More: Brazil news in English, every day from The Rio Times.
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+0.66%
172,457.76
+0.66%
71,204.98
-0.84%
10,660.94
+0.34%
2,848,945
—
2,452.46
-0.02%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 172,457.76 | +0.66% | +9.73% | 171,324.31 | 172,715 | 171,132 | — |
| USD/BRL | 5.67 | +0.45% | +7.09% | 5.64 | 5.67 | 5.63 | — |
| EUR/BRL | 6.25 | +0.93% | +1.93% | 6.19 | 6.26 | 6.21 | — |
| SELIC | 13.75% | — | — | — | — | — | |
| BRENT | 95.84 | +0.02% | +48.84% | 95.82 | 97.12 | 95.07 | 22,079 |
| WTI | 88.56 | -0.20% | +47.38% | 88.74 | 89.64 | 87.80 | 181,210 |
| IRON ORE | 161.91 | — | +55.76% | 161.91 | 161.91 | 1 | |
| GOLD | 3,886 | +0.03% | -5.08% | 3,885 | 3,927 | 3,871 | 151,010 |
| SILVER | 49.12 | -1.70% | -2.90% | 49.97 | 50.73 | 48.41 | 49,657 |
| LITHIUM | 58.76 | -1.13% | -7.86% | 59.43 | 59.59 | 58.42 | 159,497 |
| SOY | 1,232 | +0.37% | +10.67% | 1,227 | 1,241 | 1,219 | 103,557 |
| CORN | 445.50 | +0.68% | +3.54% | 442.50 | 450.25 | 441.75 | 245,686 |
| WHEAT | 593.25 | +1.54% | +12.52% | 584.25 | 600.00 | 582.00 | 99,685 |
| COFFEE | 279.25 | -0.34% | -30.15% | 280.20 | 279.20 | 272.35 | 17,133 |
| SUGAR | 18.40 | +0.99% | +22.99% | 18.22 | 18.54 | 18.16 | 59,813 |
| ORANGE JUICE | 136.85 | -2.91% | -13.30% | 140.95 | 141.25 | 135.00 | 973 |
| COTTON | 79.02 | +0.44% | +26.45% | 78.67 | 79.90 | 78.63 | 18,270 |
| BEEF | 224.80 | +2.70% | +2.58% | 218.90 | 225.88 | 221.45 | 23,034 |
| CATTLE | 335.35 | -0.10% | -0.98% | 335.67 | 336.98 | 329.53 | 9,700 |
| COCOA | 5,123 | +1.13% | -3.10% | 5,066 | 5,330 | 5,169 | 27,100 |
| PETR4 | 45.30 | +1.34% | +39.43% | 44.70 | 45.44 | 44.62 | 23,431,200 |
| VALE3 | 63.50 | -0.70% | -3.30% | 63.95 | 64.24 | 63.12 | 11,175,700 |
| SUZB3 | 54.77 | -2.27% | +14.92% | 56.04 | 55.98 | 54.66 | 3,845,300 |
| KLABIN | 17.39 | -1.42% | -2.53% | 17.64 | 17.76 | 17.34 | 2,761,600 |
| SLCE3 | 18.28 | -0.44% | +24.26% | 18.36 | 18.65 | 18.01 | 2,427,000 |
| ABEV3 | 15.79 | +0.25% | +15.85% | 15.75 | 15.83 | 15.64 | 13,254,800 |
| ITUB4 | 42.27 | +1.42% | +7.66% | 41.68 | 42.56 | 41.62 | 19,532,400 |
| BBDC4 | 14.52 | +1.40% | -25.46% | 14.32 | 14.54 | 14.27 | 32,353,600 |
| BBAS3 | 15.10 | -2.45% | -32.89% | 15.48 | 15.60 | 14.98 | 85,573,900 |
| B3SA3 | 14.89 | +0.88% | +2.90% | 14.76 | 14.94 | 14.53 | 34,792,900 |
| WEGE3 | 51.31 | -0.66% | +14.48% | 51.65 | 52.05 | 50.93 | 7,741,000 |
| PRIO3 | 63.30 | +0.00% | +58.93% | 63.30 | 63.83 | 62.65 | 10,460,300 |
| RENT3 | 30.07 | +1.66% | -28.47% | 29.58 | 30.35 | 29.58 | 7,599,300 |
| AZZA3 | 15.91 | -5.86% | -45.85% | 16.90 | 17.10 | 15.72 | 6,641,600 |
| CSNA3 | 3.72 | -12.06% | -56.79% | 4.23 | 4.14 | 3.71 | 54,060,600 |
| GGBR4 | 24.73 | -0.96% | +30.78% | 24.97 | 25.09 | 24.53 | 5,458,200 |
| ENEV3 | 26.81 | -0.70% | +38.98% | 27.00 | 27.09 | 26.64 | 5,990,500 |
| LREN3 | 9.72 | +3.40% | -34.46% | 9.40 | 9.77 | 9.34 | 28,045,200 |
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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