Produção industrial no Brasil e PMI na China no radar

XP Research     2 de dezembro de 2025 Morning Call Produção industrial no Brasil e PMI na China no radar Ouça o áudio do Morning Call XP no Spreaker e Spotify Ibovespa   O Ibovespa encerrou o pregão de segunda-feira em queda de 0,3%, aos 158.611 pontos. Em um dia de agenda mais esvaziada, o mercado repercutiu as declarações do presidente do Banco Central, Gabriel Galípolo, durante ⁠evento da XP. Ele reiterou que a autoridade monetária permanece dependente dos dados e não indicou novos sinais sobre a trajetória da política monetária, em um momento em que os investidores seguem com expectativas divididas entre o início do ciclo de corte de juros em janeiro ou em março. As ações da Eneva (ENEV3, +3,4%) subiram, após nossos analistas da XP iniciarem a cobertura dos papéis da companhia com uma recomendação de Compra (veja mais detalhes aqui). Já a CVC (CVCB3, -3,7%) teve queda. A primeira prévia do rebalanceamento do Ibovespa foi divulgada, mostrando que a companhia deve deixar o índice a partir de 2026. Nossos analistas já esperavam essa saída em relatório divulgado na semana passada (veja aqui). Para o pregão de terça-feira, destaque para a divulgação dos dados de produção industrial referentes a outubro no Brasil.  Mercados globais   Nesta terça-feira, os futuros nos EUA operam com valorização (S&P 500: +0,1%; Nasdaq 100: +0,2%), após o mercado romper uma sequência de cinco dias de alta e iniciar dezembro no campo negativo. O movimento refletiu um aumento do sentimento de aversão ao risco diante de preocupações com inflação persistente, valuations elevados e a rentabilidade futura dos investimentos em IA. Alphabet devolveu parte dos ganhos recentes (-1,7%) e outras big techs, como Palantir e Broadcom, também recuaram. Apesar do início de mês fraco, as apostas de corte de juros seguem aumentando, com o mercado precificando 87,6% de probabilidade de redução em 10 de dezembro, o que sustenta expectativas de um possível rali de fim de ano. Na Europa, as bolsas negociam em leve alta (Stoxx 600: +0,2%), também recuperando parte do movimento após o sell-off que marcou o início do mês. O setor bancário ganha tração após o Banco da Inglaterra reduzir, pela primeira vez em uma década, a estimativa de capital exigido, além de confirmar que todos os bancos superaram os testes de estresse. A agenda europeia traz dados de desemprego da Espanha e Itália, além do índice de inflação da Zona do Euro. Na China, os mercados fecharam mistos (CSI 300: -0,5%; HSI: +0,2%), com Alibaba subindo quase 3% após o lançamento dos óculos de IA Quark. No restante da Ásia, o movimento foi majoritariamente positivo, apoiado pela notícia de que os EUA reduzirão as tarifas sobre automóveis sul-coreanos para 15%, retroativo a 1º de novembro. O Kospi subiu 1,9%, impulsionado por Hyundai e Kia. No Japão, SoftBank caiu mais de 5% em meio a preocupações com valuations de IA, após Masayoshi Son afirmar que precisou vender ações da Nvidia para financiar investimentos em IA e na OpenAI. IFIX   O Índice de Fundos Imobiliários (IFIX) encerrou a sessão de segunda-feira estável, acumulando alta de 17,46% no ano. Os fundos de tijolo registraram valorização de 0,19%, enquanto os fundos de papel apresentaram queda de 0,29%. Entre as maiores altas do dia, destacaram-se PVBI11 (2,1%), SNFF11 (2,0%) e WHGR11 (2,0%). Já entre as principais quedas, figuraram ICRI11 (-2,1%), JSRE11 (-2,0%) e AIEC11 (-2,0%). Economia Nos Estados Unidos, o índice ISM da indústria — sondagens com empresas que medem o ritmo da atividade econômica — caiu para 48,2 em novembro, indicando retração no setor, com queda de novos pedidos e na produção. Na Europa, a inflação ficou levemente acima das expectativas, mas com sinais positivos. De qualquer forma, o Banco Central Europeu deve manter as taxas de juros inalteradas em dezembro Na agenda doméstica, o destaque é a divulgação da produção industrial, que deve aumentar 0,7% em relação a setembro. Na agenda internacional, os destaques ficam para os PMI — sondagens com empresas que medem o ritmo da atividade econômica — na China e no Japão.   O Morning Call XP também está no YouTube, com participação dos nossos especialistas, ao vivo. Clique aqui e assista à transmissão de hoje!   ECONOMIA:   1.Produção ndustrial é o destaque do dia COMMODITIES: 1.Papel e Celulose: Estoques de celulose nos portos europeus diminuíram em out'25 EMPRESAS: 1.RD Saúde (RADL3): Um Futuro Saudável à Frente RENDA FIXA:  1. De Olho na Renda Fixa: principais notícias de crédito privado, mercados e renda fixa 2.Carteiras Mensais: Renda Fixa ESTRATÉGIA: 1.XP Short Scout: Monitor de short selling no Brasil ALOCAÇÃO E FUNDOS:  1. Fundos Imobiliários (FIIs): confira as principais notícias 2.Carteira Recomendada XP FIIs – Fundamentalista – Dezembro/25 3. Carteiras de Alocação PJ: Dez/2025 4. Carteiras de Alocação PF: Dez/2025   ESG: 1.Setor eólico vai buscar com MME a adoção do preço horário e implementação de baterias em GD | Café com ESG, 02/12  2.Carteira ESG XP: Sem alteração no nosso portfólio para dezembro   ASSISTA Disclaimer 1) This report was prepared by XP Investimentos CCTVM S.A. ("XP Investimentos or XP") according to the requirements provided in CVM Resolution 20/2021 and aims to provide information that can help the investors make their own investment decisions, and does not constitute any kind of offer or purchase request and/or sale of any product. The information contained in this report is considered valid on the date of disclosure and has been obtained from public sources. XP Investimentos is not liable for any decisions made by the customer based on this report. 2) This report was prepared considering the product risk classification in order to generate allocation results for each investor profile.   3) All of the views expressed in this research report accurately reflect the research analyst’s personal views regarding any and all of the subject securities or issuers.  No part of analyst(s) compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. 4) The signatory of this report declare that the recommendations reflect solely and exclusively their personal analyses and opinions, which have been produced independently, including in relation to XP Investimentos and which are subject to modifications without notice due to changes in market conditions, and that their remuneration are indirectly affected by revenue from business and financial transactions carried out by XP Investimentos.   5) The analyst responsible for the content of this report and the compliance with CVM Resolution 20/2021 is indicated above, and, in the event of an indication of another analyst in the report, the person responsible will be the first accredited analyst to be mentioned in Report.   6) XP Investimentos’ analysts are obligated to comply with all the rules laid down in the APIMEC’s conduct code for the securities analyst and XP Investimentos’ analyst of securities conduct policy.   7) Customer service is carried out by XP Investimentos employees or by autonomous investment agents who perform their activities through XP, in accordance with CVM Resolution 178/2023, which are registered in the national association of brokers and distributors of securities (“ANCORD”). The autonomous agent of investment may not provide consulting, administration or management of customer net worth, and must act as an intermediary and request prior authorization from the client for the realization of any operation in the capital market.   8) For the purpose of verifying the adequacy of the investor's profile to the investment services and products offered by XP Investimentos, we use the methodology of adequacy of products by portfolio, in accordance with the ANBIMA Rules and Procedures of Suitability No. 01 and the ANBIMA Code of Regulation and Best Practices for Distribution of Investment Products. This methodology consists of assigning a maximum risk score for each investor profile (conservative, moderate and aggressive), as well as a risk score for each of the products offered by XP Investimentos, so that all customers can have access to all products, provided that within the amounts and limits of the risk score defined for their profile. Before applying to the products and/or contracting the services subject to this material, it is important that you verify that your current risk score includes the application in the products and/or the contracting of the services in question, as well as whether there are limitations of volume, concentration and/or quantity for the desired application. You can consult this information directly at the time of transmission of your order or by consulting the overall risk of your wallet on the portfolio screen (Risk View).f your current risk score does not support the desired application/contract, or if there are limitations in relation to the amount and/or financial volume for said application/contracting, this means that, based on the current composition of your portfolio, this application/contract is not appropriate to your profile. If you have questions about the process of suiting the products offered by XP Investimentos to your investor profile, please refer to the FAQ. Market conditions, climate change and the macroeconomic scenario can affect investment performance. 9) The profitability of financial products may present variations and their price or value may increase or decrease in a short period of time. Past performance is not necessarily indicative of future results. Performance disclosed is not net of any applicable taxes. The information present in this material is based on simulations and the actual results may be significantly different. 10) This report is intended exclusively for to the XP Investimentos’ network, including independent XP agents and XP customers, and may also be released on XP’s website. It is prohibited to reproduce or redistribute this report to any person, in whole or in part, whatever the purpose, without the prior express consent of XP Investimentos. 11) XP Investimentos’ ombudsman has the mission to serve as a contact channel whenever customers who do not feel satisfied with the solutions given by the company to their problems. The contact can be made via telephone 0800 722 3710  if you are in Brazil or via ombudsman form if you are in other localities: ttps://institucional.xpi.com.br/ouvidoria.aspx/.   12) The cost of the transactions billing policies are defined in the operational cost tables which are made available on XP Investimentos website: www.xpi.com.br. 13) XP Investimentos is exempt from any liability for any damages, direct or indirect, that come from the use of this report or its contents.   14) Technical analysis and fundamental analysis follow different methodologies. Technical analysis is performed following concepts such as trends, support, resistance, candles, volume, and moving averages, amongst others. Fundamental analysis uses as information the results disseminated by the issuing companies and their projections. In this way, the opinions of fundamental analysts, who seek the best returns given the market conditions, the macroeconomic scenario and the specific events of the company and the sector, may differ from the opinions of technical analysts, which aim to Identify the most likely movements on asset prices, using "stops" limit possible losses.   15) Equity investments available are portion a company’s capital that is traded on the market. Stock is a variable financial investment (i.e. an investment in which profitability is not pre-established and varies depending on market quotations). Investment in stock is a high-risk investment and past performance is not necessarily indicative of future results and no statement or warranty, expressed or implied, is made in this material in relation to future performance. Market conditions, macroeconomic scenario, company and sector specific events can affect investment performance and may even result in significant asset losses. The recommended duration for equity investments is medium-long term. There is no guarantee of investment return for customers’ investments in stock.   16) Investment in options is the purchase or sale rights of a good shall be negotiated at a price fixed at a future date, and the purchaser of the negotiated duty should pay a premium to the seller as in a secure agreement. Operations with these derivatives are considered very high risk for presenting high risk and return relationships and some positions present the possibility of losses higher than the capital invested. The recommended duration for the investment is short-term and the customer's assets are not guaranteed in this type of product.   17) Investment in terms are contracts for the purchase or sale of a certain number of shares at a fixed price for settlement within a specified period. The term of the contract is freely chosen by the investors, complying with the minimum period of 16 days and a maximum of 999 days. The price will be the value of the added share of a portion corresponding to the interest-which are set freely on the market, depending on the term of the contract. Every transaction in the term requires a guarantee deposit. These guarantees are provided in two forms: coverage or margin. 18) Investments in futures markets are subject to significant loss of principal. a commodity is an object or price determinant of a future contract or other derivative instrument, which may substantiate an index, a fee, a movable value or a physical product.  Commodities are considered high risk investments, which include the possibility of price fluctuation due to the use of financial leverage. The recommended duration for commodity investments is short-term and customers’ assets are not guaranteed in this type of product. Market conditions and the macroeconomic scenario can affect the performance investments.   19) This institution is adhering ANBIMA Code of Regulation and best practices for the distribution activity of retail investment products. 20) XP Investments US, LLC, a broker-dealer registered with the U.S. Securities and Exchange Commission, has assumed responsibility for this research for purposes of U.S. law.  All transactions arising from this research should be directed to XP Investments US, LLC, at +1 646-664-0525. 21) XP Investimentos (a) managed or co-managed a public offering of securities for the subject company in the past 12 months, or (b) received compensation for investment banking services from the subject company in the past 12 months; or (c) expects to receive or intends to seek compensation for investment banking services from the subject company in the next 3 months.