10+ | Banco do Brasil corta dividendos, contingência às tarifas e mais

XP Research Top 10 conteúdos que você não pode deixar de ver. Confira toda semana uma seleção de conteúdos essenciais, feita pela nossa equipe, para você estar sempre atualizado/a sobre o que aconteceu de mais importante nos mercados e conseguir investir cada vez melhor. 1. Plano de contingência: impactos potenciais O governo brasileiro anunciou um plano de contingência em resposta às recentes tarifas de importação de 50% impostas pelos Estados Unidos. O plano combina medidas de apoio econômico doméstico, mecanismos de proteção ao emprego e iniciativas de diplomacia comercial. De acordo com nossas estimativas, o pacote de contingência deve ter um custo fiscal de cerca de R$ 6 bilhões este ano e R$ 3,5 bilhões no próximo ano e pode ser acomodado dentro do orçamento atual sem a necessidade de um waiver. Mais detalhes da nossa leitura sobre as medidas você confere aqui. 2. Banco do Brasil: resultados fracos e dividendos cortados O Banco do Brasil reportou resultados fracos no 2T25, com lucro líquido de R$ 3,8 bilhões, abaixo do consenso já reduzido após sinais de deterioração em demonstrações intermediárias recentes. O guidance para o ano completo de 2025 foi revisado para baixo e o payout foi reduzido para 30%, implicando um dividend yield de aproximadamente 6%. Confira mais sobre a nossa visão. E se você não acompanhou a teleconferência de resultados da companhia, listamos os destaques aqui. 3. Temporada de resultados | 2T25 Confira todas as análises dos resultados do 2T25 das empresas sob nossa cobertura (acesse aqui). E para acompanhar a temporada das companhias internacionais, compilamos os destaques aqui. 4. Onde Investir em AGOSTO de 2025 Veja os principais temas e investimentos para o mês nesse link. 5. Sob o olhar da estratégia: setor top pick do S&P 500 Após uma temporada de resultados fortes do 2T25, reafirmamos o setor financeiro como nossa top pick entre os setores do S&P 500, com destaque para os bancos americanos por: (i) apresentarem maior capacidade de se beneficiar das flexibilizações regulatórias no setor; e (ii) mostrarem maior resiliência sob condições econômicas adversas. Acesse o relatório na íntegra. 6. FGAA11 | Recompra de cotas Após concluir o programa de amortização parcial de cotas, a administradora do FG/Agro (FGAA11) convocou uma Assembleia Geral Extraordinária (AGE) para deliberar sobre as seguintes propostas de alteração no regulamento do fundo: (i) atualização das definições no regulamento, formalizando as mudanças propostas; (ii) inclusão da possibilidade de recompra de cotas, com base na decisão da CVM de 20 de maio de 2025; e (iii) reclassificação de ativos, excluindo determinados ativos da definição de liquidez e migrando-os para a categoria de ativos-alvo; Confira nossa visão sobre as propostas. 7. Gerdau: ajustes nas estimativas Ajustamos nossas estimativas para a Gerdau, reiterando recomendação de Compra e introduzindo um preço-alvo para 2026 de R$ 23/ação. A Gerdau continua sendo nossa principal escolha em nossa cobertura de Mineração e Siderurgia (clique aqui para mais detalhes), com atrativos FCF yields de 9-12% em 2026-27E. Veja a análise completa. 8. Destaques da conferência Rio Innovation Week Participamos da "Rio Innovation Week", uma das maiores conferências de tecnologia e inovação do mundo. Painéis focados na temática ESG destacaram como os crescentes riscos climáticos moldam os resultados econômicos e as decisões de investimento, com o Brasil se diferenciando como um centro de crescimento de baixo carbono. Saiba quais foram as principais discussões aqui. 9. 3 AÇÕES de ALTA QUALIDADE para INVESTIR | Carteira XP Confira três ações de alta qualidade presentes na Carteira Top Ações XP para o mês de agosto. E para ver a carteira recomendada completa, acesse aqui. 10. Acompanhe a recuperação judicial da Agrogalaxy Entenda a evolução dos acontecimentos desde que a distribuidora de insumos agrícolas Agrogalaxy protocolou pedido de recuperação judicial (RJ) e as principais conclusões do processo. 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