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Service PMIs in the US and Brazil Are Anticipated by Investors, Along with Ore Prices, Tensions in the Middle East, and ORAN Technology.
The **employment data** in the US is in the spotlight this Tuesday (5), with US futures indices operating lower. The market is awaiting the release of the JOLTS report, which will provide job vacancy numbers, and is also keeping an eye on non-farm payroll data, to be released on Friday (8). Resilience in any of these fronts could reduce bets on interest rate cuts by the Federal Reserve (Fed) early next year.
Investors are anticipating next week’s meeting, where they expect the Fed to keep rates unchanged. According to the CME Group’s FedWatch tool, interest rate futures suggest a 58% probability that the US central bank will start cutting rates by March 2024. The **job vacancy numbers** and **job indices** will continue to be closely monitored by the market in the coming weeks.
1.Global Markets
The performance of Asian markets was marked by widespread declines, influenced by the assessment of a range of economic data from the region. The Hang Seng index in Hong Kong fell 1.91%, reaching its lowest level since November 2022. However, the CSI 300 index from mainland China had a similar outcome, dropping 1.9% to close at 3,394.26 points, hitting a four-year low.
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Petrobras buys 75% of Oranto and becomes the operator of block 3 in São Tomé and Príncipe, resuming its strategy in Africa to diversify its portfolio and replenish oil and gas reserves.
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China inaugurates a new era by signing a $5.1 billion project to expand one of the largest gas fields on the planet, adding 10 billion m³ per year and reinforcing an energy mechanism that already moves 30 billion m³ annually towards its market.
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While the world felt the pinch of rising oil prices, oil companies pocketed at least $23 billion extra from the crisis in Ormuz.
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Oil plummets more than 10% and the market turns upside down after Iran opens Hormuz and eases fears about the main route in the Gulf.
2. Agenda
This Tuesday’s schedule highlights the Gross Domestic Product (GDP) for the third quarter in Brazil, which will be released by the Brazilian Institute of Geography and Statistics (IBGE) at 9 AM. Additionally, the publication of the Leading Employment Indicator from Fundação Getúlio Vargas (FGV) and data on monetary policy and credit operations by the Central Bank is also awaited. At the same time, the Composite PMI Index from IHS Markit will also be released.
3. Economic News
This Tuesday, the Chamber’s Constitution and Justice Committee (CCJ) is set to discuss a proposed amendment to the Constitution (PEC) aimed at reducing the weekly working hours from 44 to 36 hours. The analysis of the constitutionality of the text is the starting point for the legislative proposal’s progression. Meanwhile, Minister Luiz Fux of the Supreme Court (STF) authorized the opening of an investigation into federal deputy André Janones (Avante-MG) for the crimes of criminal association and embezzlement, following a request from the Attorney General’s Office (PGR). The investigation aims to clarify the practice known as ‘rachadinha’ by the parliamentarian, according to reports submitted by opposition politicians and reported in news articles.
4. Political News
Luís Roberto Barroso, president of the Supreme Court (STF), emphasized on Monday (4) that the Court decides on issues that divide society in accordance with the Constitution, highlighting the independence of the court in this function. Still in the political realm, the Constitution and Justice Committee (CCJ) of the Chamber will review a proposal aimed at reducing the weekly working hours from 44 to 36 hours, requiring a period of 10 years to come into effect if approved.
5. Corporate Radar
In the corporate sector, Eletrobras signed a contract with Infraestrutura Brasil Holding XX, a company controlled by funds managed by Pátria Investimentos, for the sale of 49% of the capital stock of Chapada do Piauí Special Purpose Companies (SPEs). Another highlight is Serena, which launched operations for the Goodnight 1 wind project in Texas, its first venture in the largest energy market in the United States, Ercot. Finally, the Board of Directors of Pague Menos appointed Jonas Marques as the successor to Mário Queirós as Chief Executive Officer of the company, in a transition process set to take effect from 2024.
Source: Estadão, Reuters, and Agência Brasil
Source: Info Money
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