The dollar closed trading on Friday (11/14), the last day of the week, and was almost stable at 5.297 reais compared to the previous day.
Ibovespa, the main indicator of the performance of stocks traded on the Brazilian Stock Exchange (B3), was on track to close higher after two consecutive sessions of declines. The index could close above 158,000 points for the first time in history.
Markets this Friday reflected progress in negotiations between Brazil and the United States on commercial tariffs imposed by the White House.
Remarks from the directors of the Federal Reserve (U.S. central bank) also caught the attention of investors looking for indicators on the trajectory of the nation’s base interest rate.
In the domestic scenario, the highlights were the resumption of negotiations for Oy’s shares in B3 following the suspension of the company’s bankruptcy declaration, as well as the publication of detailed employment statistics for Brazil for the third quarter of this year.
dollar
- The North American currency fell slightly by 0.02% to end the day virtually stable at 5.297 reais.
- At the highest level during the session, the dollar reached 5.316 reais. The lowest price was R$ 5.273.
- On the previous day, the dollar rose slightly by 0.1% to close at 5.298 reais.
- As a result, the US currency will accumulate a loss of 1.55% against the real in November and 14.28% in 2025.
ibo vespa
- At around 5pm (Brasilia time), B3’s main index Ibovespa was up 0.56% at 158,000 points.
- With the highest score of the trading session so far, the indicator reached 158,366.25 points.
- On the previous day, Ibovespa fell by 0.3% to close at 157.1 thousand points.
- As a result, the Brazilian stock exchange gained 5.1% for the month and 30.76% for the year.
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Waiting for price agreement
This Friday, investors reflected on the last meeting in Washington between Secretary of State Marco Rubio and Brazilian Foreign Minister Mauro Vieira. At issue is trade tariffs of up to 50% imposed by the administration of US President Donald Trump on most Brazilian exports.
After his meeting with Rubio, Vieira said the United States could present an answer to Brazil’s tariff reduction proposal this Friday, but this has not materialized so far. According to the Prime Minister, the US Secretary of State made it clear that the issue was being analyzed and that Washington wanted to move the matter forward “very quickly.”
The minister confirmed that Brazil had presented a “general proposal” to the United States on tariffs, but did not elaborate on its contents. He explained that specific topics such as the coffee tax were not discussed at the meeting.
The prime minister said he hoped the countries could reach an initial agreement by early December, which would serve as the basis for broader negotiations. The next step, he said, is in Washington’s hands. “We need to wait for their response,” he concluded.
Interest in America
On the international stage, markets were still monitoring the statements of the directors of the Federal Reserve (Fed, the central bank of North America). The Federal Reserve’s Federal Open Market Committee (FOMC) cut interest rates by 0.25% for the second time in a row at its last meeting in late October, bringing rates to a range of 3.75% to 4% annually, the lowest level since November 2022.
The vote was not unanimous. New Fed director Stephen Milan, appointed by President Donald Trump, voted for a deep 0.5 percentage point cut, while Jeffrey Schmidt voted to keep rates on hold.
The Fed’s next rate-setting meeting, the last of the year, is scheduled for December 9th and 10th. While most expect a new rate cut of 0.25 percentage points, some in the market are starting to question whether the U.S. central bank will effectively push for further rate cuts in 2025.
Continuous PNAD
Internally, the main highlight of the day for the market was the release of details of the quarterly Continuous National Household Sample Survey (Pnad). The data was released this morning by the Brazilian Institute of Geography and Statistics (IBGE).
The unemployment rate in the third quarter of 2025 (5.6%) was the lowest in a series of unemployment rates that began in 2012. Compared to the previous quarter, unemployment rates decreased in two of the 27 federal sectors and remained stable in the remaining sectors. The highest percentages were in Pernambuco (10%), Amapá (8.7%) and Bahia (8.5%). The states with the lowest numbers are Santa Catarina (2.3%), Mato Grosso (2.3%), Rondonia and Espírito Santo (both 2.6%).
According to IBGE, the unemployment rate for the third quarter of 2025 was 4.5% for men and 6.9% for women. By skin color and race, the rate was lower than the national average for whites (4.4%), but higher for blacks (6.9%) and mixed race (6.3%).
The unemployment rate for those who have not completed secondary education (9.8%) was higher than the unemployment rate for the other education levels analyzed. The proportion of people with incomplete tertiary education was 5.8%, almost twice as high as those who had completed tertiary education (3%).
Court halts Oi’s bankruptcy
Following the suspension of Oi’s bankruptcy declaration, Oi’s shares resumed trading at B3 this Friday. Judge Monica Maria Costa of the First Private Court analyzed the appeals filed by Oi’s main creditors, including Bradesco and Itau, and decided to suspend the effect of the manager’s bankruptcy declaration.
Creditors questioned the alleged measures that could lead the company into liquidation and called for a judicial recovery to be maintained to allow for a more organized sale of assets and avoid larger losses.
The judge assessed that retaining Oi may be more beneficial to creditors and the public interest because the company provides essential telecommunications services in the country. The bankruptcy was subsequently stayed.
Oi’s shares were suspended from trading on B3 last Monday (October 11) at 2:58 pm (Brasilia time). At that time, the closing price of the company’s common shares was R$0.18 and the value of its preferred shares was R$2.43.
In trading at 2:23 pm this Friday, Oy Inc.’s common stock fell by 27.78% to trade at R$0.13. Soon after, they were put up for auction.
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.
Meanwhile, Oy’s preferred shares opened steady at R$2.43. It then opened with severe volatility, rising 79% (to 4.45 reais) around 3pm, while the common stock was down 16.6%.
Between 3:10pm and 3:14pm, Oi’s common stock rose 5.5% to open at R$0.19. Preferred shares rose 64% to R$4.
In a statement to the market, Oi acknowledged that the Rio court, in an arbitrary decision, suspended a previous judgment that declared the company bankrupt. In fact, judicial recovery was resumed.
“Based on the preliminary analysis, the sole judgment grants the request for stay effect on appeal to bar the effect of the court’s judgment and determines that the Judicial Rehabilitation Court will proceed with the necessary legal procedures aimed at disposing of the Oi Group’s judicial rehabilitation in accordance with the judicial rehabilitation plan approved by the creditors and approved by the court,” Oi said in a memo.
analysis
“The dollar resumed its decline throughout the trading period, driven by rising oil prices that drew commercial flows to the spot market, and relief from the rescheduling of US benchmarks delayed after the government shutdown, reducing uncertainty and improving global sentiment,” said Bruno Shahini, investment specialist at Nomad. ”
“This environment, in addition to the ‘carry’ and improving commodity prices that still favor Brazil, limited currency appreciation and offset negative vectors of bias, such as weak Chinese data and a re-hike in US interest rates after a tough speech by the Fed,” he added.
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