Turim’s Insights

September was impacted by the crisis of the Chinese property developer Evergrande and by the announcements of the American and Brazilian Central Banks.

Evergrande’s situation was one of the factors that brought more volatility to global stock markets, assesses Leonardo Martins Moraes, Turim MFO’s CIO at the #VisãoTurim webinar, held this Wednesday.

In addition, the Federal Reserve’s (Fed, the American Central Bank) indication of an increase in interest rates generates a decrease in the global appetite for #risk.”These are the two major factors that most impacted the markets in the month,” he points out.

In Brazil, the highlights were the drop in projections for the 2022 #GDP. According to our strategist Nelson Abrahao, the revisions are explained by a series of factors: inflationary pressures, interruption of global distribution chains and political and fiscal uncertainties.

With that, Nelson believes that the Monetary Policy Committee (Copom) can take interest rates to exceed 9%. “For these reasons, the Central Bank said that it sees interest rates at a significantly contractionary level, which could reach double digits”, he concludes.