Morning call | Bolsas em alta nesta quarta; ações da Nvidia avançam

XP Research 18 de fevereiro de 2026 Morning Call Bolsas em alta nesta quarta; ações da Nvidia avançam      Ouça o áudio do Morning Call XP no Spreaker e Spotify       Ibovespa   O Ibovespa encerrou a semana passada em alta de 1,9% em reais e 1,7% em dólares, aos 186.464 pontos. Suzano (SUZB3, +16,2%) foi o principal destaque positivo da semana, após a divulgação de resultados sólidos no 4T25 (veja mais detalhes aqui). Na ponta negativa, Cogna (COGN3, –9,2%) apresentou desempenho negativo após um banco de investimentos rebaixar a recomendação do papel de compra para neutro.   Renda Fixa   No comparativo semanal, os juros futuros dos EUA recuaram após o CPI de janeiro vir abaixo do esperado, reforçando as expectativas de um Federal Reserve mais brando. As Treasuries encerraram a semana com a T-Note de 2 anos em 3,4% (-9 bps vs. semana anterior), a de 10 anos em 4,05% (-15 bps) e o T-Bond de 30 anos em 4,70% (-15 bps). No Brasil, os vértices curtos e longos firmaram queda em relação à semana anterior, em linha com o alívio nas Treasuries e com as expectativas de um corte de 0,50 ponto percentual em março. A NTN-B 2030 terminou a semana em 7,72% a.a. Na curva nominal, o DI jan/27 fechou a 13,31% (-5 bps vs. semana anterior), o DI jan/29 a 12,665% (-10 bps) e o DI jan/31 a 13,08% (-13 bps).   Mercados globais   Nesta quarta-feira, os índices nos EUA operam em alta (S&P 500: +0,8%; Nasdaq 100: +1,2%), com o mercado sendo impulsionado por ganhos nas principais ações de tecnologia. O movimento ocorre enquanto investidores aguardam a divulgação da ata da última reunião do Federal Reserve e monitoram o índice de preços de gastos com consumo (PCE), previsto para sexta-feira. As ações da Nvidia avançam cerca de 2% após a Meta anunciar que utilizará milhões de chips da companhia na expansão de seus data centers. Amazon também sobe 2%, após a Pershing Square aumentar sua participação na empresa. Na Europa, as bolsas operam em alta (Stoxx 600: +1,1%), refletindo o desempenho positivo de tecnologia e a repercussão de dados econômicos no Reino Unido. A inflação britânica desacelerou para 3% em janeiro, em linha com as expectativas e abaixo dos 3,4% registrados em dezembro, reforçando apostas de que o Banco da Inglaterra possa ter espaço para cortar juros ao longo do ano. Entre os destaques corporativos, a Bayer recua mais de 8% após propor um acordo de US$ 7,25 bilhões relacionado a processos envolvendo o Roundup. Na Ásia, diversos mercados permanecem fechados devido ao feriado do Ano Novo Lunar, incluindo China continental, Hong Kong, Singapura, Taiwan e Coreia do Sul. No Japão, o Nikkei 225 avançou 0,93%, enquanto na Austrália o S&P/ASX 200 subiu 0,5%. O movimento ocorre apesar das incertezas em torno do tema de inteligência artificial e após sinais de progresso nas negociações nucleares entre EUA e Irã, que pressionaram os preços do petróleo.     IFIX   O Índice de Fundos Imobiliários (IFIX) avançou 0,15% na semana passada. Até o pregão de quinta‑feira, o IFIX acumulava queda de 0,37%, mantendo o movimento observado na semana anterior e devolvendo parte dos ganhos recentes após a forte valorização dos últimos meses. No entanto, o pregão de sexta-feira foi marcado por uma recuperação expressiva, com o índice subindo 0,51%, influenciado pelo fechamento da curva de juros, sobretudo nos vértices mais longos. Assim, o IFIX acumula queda de 0,22% no mês e alta de 2,05% no ano. O principal destaque negativo da semana foi o desempenho dos fundos de lajes corporativas, que recuaram 0,96% no período, com atenção para o PVBI11, que caiu 4,2%. Apesar da performance mais fraca, os fundamentos do setor seguem sólidos, com demanda consistente e dinâmicas favoráveis de aluguéis e ocupação, inclusive em regiões secundárias. Entendemos que o movimento pode refletir uma compressão dos spreads em relação à NTN-B de referência. Como consequência, os fundos de tijolo encerraram a semana com queda de 0,08%, mesmo com a performance positiva dos fundos de galpões e shoppings, que registraram altas de 0,06% e 0,44%, respectivamente. Além disso, os fundos de multiestratégia apresentaram queda de 0,19%. No campo positivo, o destaque ficou para os fundos de papel, que avançaram 0,40%, seguidos pelos fundos de fundos, com alta de 0,31%. Os fundos híbridos tiveram um avanço mais moderado, de 0,18%.     Economia   A inflação ao consumidor do Reino Unido mostrou alta de 3,0% em janeiro, uma queda ante o 3,4% registrado no mês anterior, e o núcleo da inflação subiu 3,1%, o menor valor desde 2021. Os dados corroboram a percepção de uma convergência da inflação à meta e abrem espaço para novos cortes de juros naquele país. Nos Estados Unidos, a produção industrial mostrou alta de 0,7% em janeiro, acima das expectativas do mercado, enquanto construções de novas moradias cresceram 6,2% em dezembro. Ambos os indicadores continuam apontando a resiliência da atividade econômica no país. Na agenda do dia, destaque para a divulgação da ata da última reunião do FOMC, que deve fornecer sinais sobre os próximos passos da política monetária. No Brasil, teremos a divulgação da pesquisa Focus após a pausa do Carnaval.      ECONOMIA:     1. Ata do FOMC em destaque hoje   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           Clique aqui para acessar o relatório completo Disclaimer 1) This report was prepared by XP Investimentos CCTVM S.A. 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