The surprising surge in Petrobras shares and an interview with Rafael Maciel
European stock markets and US futures are trading higher this Tuesday morning, the 27th. Petrobras shares soared almost 8% in Monday's trading session alone. The state-owned company gained just over R$40 billion in market value in a single day. Several factors help explain this surprising rise. Libya ordered a suspension of all oil production and exports due to political disputes within the country. Meanwhile, the war between Israel and Hezbollah in Lebanon escalated, and heavy attacks between the countries increased geopolitical uncertainty and strengthened oil prices. Commodity prices rose 3% and once again surpassed the $80 per barrel mark. Furthermore, analysts at Morgan Stanley raised their recommendations for Petrobras shares and projected more extraordinary dividends for shareholders. In Brasília, all eyes are on the imminent nomination of Gabriel Galípolo as president of the Central Bank. The economist and current director of monetary policy at the Central Bank is by far the top candidate for the position starting in 2025, and President Lula's nomination for mandatory Senate hearings could happen at any moment. Galípolo has been dodging the issue at events and reiterating current President Roberto Campos Neto's position that all possibilities are on the Copom's table for the next meeting in September—including a hike in Brazil's interest rate. Diego Gimenes interviews Rafael Maciel, equity manager at Inter Asset.
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