The dollar ended this Thursday (11/13) trading flat, almost stable at 5.298 reais, up just 0.1% from the previous day.
In this week’s penultimate session, investors reflected on the end of the U.S. government shutdown and a new round of negotiations between the White House and Brazil over tariffs and retail performance data in September.
The stock market was also in the spotlight, with Hapvida and Banco do Brasil, whose shares were auctioned, falling sharply after the third quarter results were announced.
dollar
- The North American currency rose slightly by 0.1% to close at 5.298 reais.
- At the highest exchange rate of the day, the dollar reached R$5.303. The lowest price was R$5.274.
- The previous day, the dollar rose 0.37% to close at 5.292 reais.
- As a result, the US currency will accumulate a loss of 1.53% against the real in November and 14.26% in 2025.
ibo vespa
- Ibo Vespa, the main index of the Brazilian Stock Exchange (B3), was headed for a second consecutive year of decline.
- At around 5pm (Brasilia time) at the end of the trading session, Ibo Vespa was down 0.38% to 157,000 points.
- The previous day, the indicator ended with a slight decline of 0.07% at 157.6 thousand points, interrupting a series of 15 consecutive increases.
- As a result, Brazil Stock Exchange gained 5.42% for the month and 31.08% for the year.
Hapida melts
The biggest loser of this Thursday’s B3 trading session was health and dental plan operator Hapvida, whose stock price plummeted due to negative market reaction to the company’s third-quarter balance sheet released the previous day. Around 4 p.m., the company’s shares, which trade on B3, were down 47.2%, trading at 17.26 reais.
The stock was auctioned this Thursday. A stock auction is a mechanism used by stock exchanges to balance the demand and supply of stocks at specific moments during a trading session. This allows the price of the stock to more accurately reflect the balance between buyers and sellers.
According to the financial report published by Hapvida on Wednesday night (12/11), the company’s adjusted net profit for the third quarter of this year totaled 338 million reais. The result was a growth of 12.7% compared to the same period in 2024.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$746.4 million, down 17.6% for the year. Average market expectations are for net profit of 248 million reais and EBITDA of 842 million reais for the period from July to September.
Despite strong results and increased profits in the third quarter, Hapvida’s performance is considered disappointing, according to market analysts.
Please also read
-
work
Despite the increase in profits, Hapvida’s stock plummeted on the stock market. understand
-
work
Bank of Brazil stocks plummet as profits fall by 60%
-
work
Nubank employees release a manifesto protesting the layoffs. read
-
work
Americana sees sales decline, third-quarter profit expected to fall 96%
On the downside for Goldman Sachs, the medical loss ratio (MLR) decreased by 1.4 percentage points compared to the previous quarter, which was attributed to higher fixed costs associated with opening hospitals and outpatient clinics, weaker sales, and lower-than-expected seasonal effects.
Another problem highlighted by the bank is that its net debt has increased compared to the second quarter, resulting in a negative free cash flow of R$234 million.
Meanwhile, BTG Pactual classified the company’s third-quarter results as weak, considering a combination of negative factors including weak free cash flow and lower-than-originally expected organic growth.
Another bank, JP Morgan, also lowered its price target from 52 reais to 39 reais and lowered its recommendation for Hapvida stock from “buy” to “neutral.” North American Bank said the company’s performance was weak and fell short of market expectations. “In our view, the market should react negatively to this result, as some of the pressures revealed in this number are likely to persist through at least most of 2026,” JPMorgan said.
“On the one hand, the necessary structural investments are being made to address capacity constraints, reduce the volume of complaints and improve the perception of service quality, aiming for a more sustainable growth trajectory. On the other hand, the company has not been able to reap its benefits, at least for now, as net additions remain limited, and high cancellation rates and constrained pricing continue,” the US bank added.
Bank of Brazil falls sharply
The day after announcing its quarterly results, Banco do Brasil also experienced negative trading on the stock exchange. As of 4:40 p.m., the financial institution’s share price had fallen by 1.32% to R$22.50. In the early afternoon, Banco do Brasil shares posted a 3% loss at 22.11 reais. Earlier, at 10:15 a.m., the devaluation amounted to 5.34%, with the stock trading at 22 reais.
A day earlier, Banco do Brasil reported to the market third-quarter 2025 adjusted net income of 3.8 billion reais, a 60% decrease compared to the same period last year. In the first nine months of this year, the bank made a profit of R$14.943 billion, which was a 47.2% decrease on an annual basis. Throughout last year, BB earned a record profit of R$37.9 billion.
Full-year results have been revised to take into account the decline in profitability until September 2025. Second-quarter balance sheet results showed an outlook for full-year net income of between 21 billion reais and 25 billion reais. Now, on the third quarter balance sheet, the net profit forecast has been lowered to a result between 18 billion reais and 21 billion reais.
Balance points to increased credit costs as one of the reasons for the decline in profits. Defaults are also cited as one of the factors that negatively affected banks’ performance.
After Banco do Brasil’s results, Citi lowered its recommendation on the company’s stock from “buy” to “neutral.” The price target was lowered from 29 reais to 23 reais. According to Citi, the main reason for this review is due to an increase in expenses associated with BB’s reserves (amounts set aside for future obligations and anticipated expenses).
Citi analysts said: “We believe the second downward revision to 2025 guidance signals a weaker outlook for the coming quarters. On the other hand, it should take time for the impact of the renegotiation to contribute positively to earnings, which was a core part of our previous thesis.”
Shutdown ends in US
Another highlight following the market was the end of a widespread departmental shutdown of the U.S. government, which had already lasted more than 40 days, the longest shutdown in the country’s history. President Donald Trump signed a bill guaranteeing federal funding for fiscal year 2026. “I’m honored to sign this great legislation and get our country working again,” President Trump said.
The proposal received 222 votes in favor and 209 votes against in the House of Commons. The deal was reached between Republican lawmakers and a group of centrist Democrats. Six Democrats supported the document, while two Republicans opposed it. Previously, the project had already passed the Senate on Monday (10/11) with the minimum 60 votes in favor and 40 votes against to proceed to the House for consideration.
The document, approved after weeks of negotiations, guarantees financial resources for the government to function until January 30, 2026. Until then, Congress needs to vote on a new budget to prevent another government shutdown early next year. The proposal would also prevent President Trump from laying off employees until that date and ensure the continuation of the SNAP food assistance program, which is responsible for serving millions of vulnerable families, through September 2026.
Brazil and US discuss pricing
Still on the international front, investors are keeping an eye on this Thursday’s meeting between Foreign Minister Mauro Vieira and US Secretary of State Marco Rubio to discuss the commercial tariffs that the US will impose on most products exported from Brazil.
On Wednesday (11/12), Mr. Rubio and Mr. Vieira met briefly in Toronto, Canada, where they participated in the G7 meeting. At that time, both sides agreed to meet in Washington.
On October 16, Mr. Vieira and Mr. Rubio met at the White House in Washington to discuss tariffs. The Brazilian prime minister said the meeting was productive and took place in a “great relaxed atmosphere.” At the meeting, the Prime Minister reiterated Brazil’s position calling for “the reversal of the measures adopted by the North American governments as of July.”
Two weeks later, negotiations progressed following a meeting between President Luiz Inacio Lula da Silva (PT) and President Donald Trump in Malaysia. At the end of the first bilateral talks between the leaders of Brazil and the United States, it was agreed that the Brazilian government would send a delegation to Washington as soon as possible to discuss tariffs. The trip was expected to take place in the first week of November, but that did not happen.
Brazilian retail declines in September
In the domestic scenario, the market reflected data on retail sales released this morning by the Brazilian Institute of Geography and Statistics (IBGE).
Retail sales in September 2025 decreased by 0.3% compared to August. The quarterly moving average was flat (a slight decline of 0.1%). Compared to September last year, retail trade increased by 0.8%, marking the sixth consecutive positive rate. Year-to-date growth is 1.5%. 2.1% for 12 months.
According to IBGE, sales volumes increased by 0.2% in September compared to August in the retail expansion, which includes wholesale of automobiles, motorcycles, parts and components, construction materials, food, beverages and tobacco.
The moving average increased by 1%. For September 2024, there was an increase of 1.1%. In the same year, the cumulative losses of the retail industry widened by 0.3%. In 12 months, it increased by 0.7%.
analysis
According to Nomad investment specialist Bruno Chahini, despite the drop in DXY (an indicator that measures the dollar’s performance against a basket of foreign currencies), the dollar has remained virtually stable against the real, “moving in the opposite direction to the global movement.”
Shahini noted that the day was also notable for statements from Federal Reserve officials. “The latest message emphasizes that more data is still needed before making any decisions, that inflation remains above target and that monetary policy is clearly not restrictive, narrowing the scope for further rate cuts without risking the stance becoming too accommodative,” he said.
“Furthermore, the 30-year government bond auction (U.S. Treasury bonds that mature in 30 years) indicates weak demand and further caution in interest rate markets, contributing to pressure on emerging currencies such as the real, he concluded.
About The Author
