MC | Bolsas hoje: mercados de olho nos balanços do 4º tri

XP Research 26 de fevereiro de 2026 Morning Call: Bolsas hoje: mercados de olho nos balanços do 4º tri Ouça o áudio do Morning Call XP no Spreaker e Spotify Ibovespa O Ibovespa encerrou o pregão de quarta-feira em queda de 1,3%, aos 191.247 pontos, pressionado principalmente pelo desempenho negativo das ações do setor bancário, como Itaú (ITUB4, -0,8%), Bradesco (BBDC4, -1,1%) e Santander (SANB11, -3,9%). Entre os destaques positivos do dia estiveram as ações de mineração e siderurgia, com Vale (VALE3, +2,6%) e Usiminas (USIM5, +4,0%) avançando, impulsionadas pela alta do minério de ferro. Na ponta negativa, Isa Energia (ISAE4, -4,4%) recuou após a divulgação dos resultados do 4T25. Para o pregão de quinta-feira, o foco estará na temporada de resultados no Brasil, com os balanços de Axia, Aura, B3, Caixa Seguridade e Marcopolo. No cenário internacional, teremos os resultados de Dell, Vistra Energy e Warner Bros. Renda Fixa Os juros dos EUA subiram nesta quarta‑feira (25) após o discurso de Trump de Estado da União e de falas do Fed sinalizarem viés mais restritivo. A T‑note de 2 anos foi a 3,47% (+1 bp), a de 10 anos a 4,05% (+2 bps) e o T‑bond de 30 anos a 4,70% (+1 bp). O Tesouro leiloou US$ 70 bi em T‑notes de 5 anos com rendimento máximo de 3,615%, abaixo da média recente. No Brasil, a curva apagou a queda inicial e fechou com pressão nos vértices curtos e estabilidade na ponta longa, em sessão marcada pela repercussão da pesquisa AtlasIntel/Bloomberg e por realização de lucros. O DI jan/27 fechou em 13,24% (+2 bps), o DI jan/29 em 12,60% (+3 bps) e o DI jan/31 em 13,01% (0 bp).   Mercados globais Nesta quinta-feira, os futuros nos EUA operam estáveis (S&P 500: 0,0%; Nasdaq 100: 0,0%), após a divulgação dos resultados de Nvidia. No pré-mercado, as ações da Nvidia avançam cerca de 1,6% após a companhia superar expectativas de lucro e receita no 4T25, com forte crescimento de 75% A/A na receita de data centers. Já a Salesforce caiu mais de 4%, após projetar receita abaixo do esperado para o fiscal de 2027, reacendendo preocupações com o setor de software. Na sessão regular de ontem, os índices fecharam em alta, impulsionados por recuperação das big techs e nomes como Microsoft (+3%). Na Europa, as bolsas operam em leve alta (Stoxx 600: +0,1%), com foco na temporada de resultados. A Puma sobe cerca de 6%, após divulgar prejuízo operacional menor que o esperado em 2025 (EUR 357 milhões vs. EUR 374 milhões estimados). O pano de fundo segue marcado por alívio nas tensões comerciais, após a implementação de tarifa universal de 10% pelos EUA, abaixo dos 15% inicialmente ameaçados. Na China, os mercados fecharam em queda (CSI 300: -0,2%; HSI: -1,4%). No restante da Ásia, os mercados fecharam majoritariamente em alta, acompanhando o rali de tecnologia nos EUA. O movimento na região foi impulsionado pelos resultados acima do esperado da Nvidia, que reforçaram a confiança no ciclo de investimentos em inteligência artificial.  IFIX O Índice de Fundos Imobiliários (IFIX) encerrou a quarta feira em alta de 0,24%, impulsionado principalmente pelos Fundos de Papel, que avançaram 0,26%, pelos Fundos de Fundos, que subiram 0,26%, e pelos Fundos Híbridos, que registraram alta de 0,27%. Os Fundos de Tijolo também tiveram um pregão positivo, com valorização de 0,22%. Dentro desse grupo, o destaque ficou para os Fundos de Lajes Corporativas, que avançaram 0,31%, enquanto os Fundos de Ativos Logísticos (+0,21%) e os de Shoppings (+0,22%) também registraram alta. Entre as maiores altas do pregão estiveram HGRE11 (+2,1%), CCME11 (+1,8%) e PORD11 (+1,3%). No campo negativo, os principais destaques foram GZIT11 (-1,5%), VGIP11 (-1,2%) e HSLG11 (-1,0%).   Economia A Câmara dos Deputados aprovou o acordo de livre comércio entre Mercosul e União Europeia, que agora segue para análise do Senado. O governo se prepara para editar um decreto de salvaguardas destinado a proteger a indústria e o agronegócio. No fiscal, o governo central registrou um superávit primário de R$ 86,9 bilhões em janeiro. Em 12 meses, o déficit acumulado alcançou R$ 62,7 bilhões, equivalente a 0,5%. A projeção para 2026 aponta déficit de R$ 48,9 bilhões (0,4% do PIB) ou superávit de R$ 1,5 bilhão (0,0% do PIB) quando considerados os ajustes na apuração da meta fiscal, permanecendo acima do piso estabelecido pelo governo. Agenda de indicadores vazia, com o destaque para os pedidos semanais de Seguro Desemprego nos EUA.     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.Câmara aprova acordo com União Europeia em meio a debates sobre salvaguardas   EMPRESAS 1.Pacote de Resultados 4T25 – EGIE e CSMG 2.WEG (WEGE3): Receitas mais fracas + rentabilidade mais forte = resultado neutro 3.Bancos: Crédito consignado privado mantém forte ritmo em 2026; NPLs iniciais de Agro mostram alívio 4.Plano&Plano (PLPL3): Foco no desempenho das vendas e na rentabilidade 5.C&A (CEAB3): Atualizando nossas estimativas; Um trimestre difícil, mas com melhores perspectivas para o futuro 6.WEG (WEGE3): Pesquisa XP - Sentimento Moderado, Algumas Surpresas 7.Kepler Weber (KEPL3): Resultados neutros com margens resilientes apesar da demanda mais fraca – revisão do 4T25 8.Iochpe-Maxion (MYPK3): Resultados fracos; primeiros sinais de estabilização à frente – revisão do 4T25 9. Precificando Resíduos, Destravando Valor: Um Deep-Dive em Vital e Orizon Pós-Aquisição   RENDA FIXA: 1. De Olho na Renda Fixa: principais notícias de crédito privado, mercados e renda fixa   ALOCAÇÃO E FUNDOS 1. Fundos Imobiliários (FIIs): confira as principais notícias 2.ETFs: confira as principais notícias dos índices e movimentos setoriais   ESG 1. Senado não vota PL do Redata, que cria incentivos a data centers, e governo busca reedição | Café com ESG, 26/02 Conte conosco e bons investimentos, Equipe Expert | XP Research   Clique aqui para acessar o relatório 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. 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