Morning call | Começa a temporada de resultados no Brasil

XP Research  XP Research      04 de fevereiro de 2026 Morning Call Começa a temporada de resultados no Brasil    Ouça o áudio do Morning Call XP no Spreaker e Spotify     Ibovespa   O Ibovespa encerrou o pregão de terça-feira em alta de 1,6%, aos 185.674 pontos, na contramão dos mercados globais (S&P 500: -0,8%; Nasdaq: -1,6%). Após alguns pregões de desempenho mais fraco, as ações brasileiras retomaram sua forte tendência de alta, impulsionadas pela entrada robusta de fluxos estrangeiros e pela rotação global de capital em direção a mercados fora dos EUA. Entre os destaques positivos do dia esteve Vale (VALE3, +4,9%), beneficiada pela forte entrada de fluxo estrangeiro e por uma elevação de preço-alvo por um banco de investimentos. Na ponta negativa, Totvs (TOTS3, -3,3%) recuou após o anúncio da venda de 100% da Dimensa para a Evertec. Para o pregão de quarta-feira, o principal destaque no exterior será a divulgação do ISM de Serviços nos EUA. Já pela temporada de resultados do 4T25, serão divulgados os balanços de Alphabet, Uber e UBS. No Brasil, a temporada de resultados tem início com a divulgação dos números de Itaú e Santander..   Renda Fixa   Os juros futuros fecharam a terça-feira (03) em leve queda nos Estados Unidos, após a aprovação, na Câmara, do pacote de financiamento que deve encerrar o shutdown parcial. O texto segue para a assinatura de Donald Trump, que já havia indicado pressa em sancioná‑lo. Nesse cenário, os Treasuries recuaram, com a T‑Note de 2 anos em 3,57% (-0,4 bp), a de 10 anos em 4,27% (-1 bp) e o T‑Bond de 30 anos em 4,90% (-1 bp). No Brasil, a curva de juros fechou sem direção única. Os vértices curtos e médios recuaram após a ata do Copom, que elevou as apostas para um corte de 0,50 p.p. em março, enquanto os prazos longos permaneceram pressionados pela possibilidade de indicação de Guilherme Mello para a diretoria do Banco Central. O DI jan/27 encerrou em 13,44% (-1 bp), o DI jan/29 em 12,74% (-2 bps) e o DI jan/31 em 13,15% (0 bp).   Mercados globais   Nesta quarta-feira, os futuros nos Estados Unidos abrem sem direção definida (S&P 500: 0,1%; Nasdaq 100: 0,0%) após um dia de sell-off liderado por tecnologia, e na expectativa dos balanços das Big Techs Alphabet (hoje) e Amazon (amanhã). A Câmara dos EUA aprovou um projeto que coloca fim ao shutdown parcial do governo americano, que já foi sancionado pelo presidente Donald Trump.  O índice pan-europeu opera em alta nessa manhã (Stoxx 600: +0,2%), e também sofre impacto de resultados: o Santander cai cerca de 4% após anúncio de que irá adquirir o banco Webster, e Novo Nordisk aprofunda a queda da sessão anterior diante de guidances piores. Bolsas chinesas fecharam positivas (HSI: 0,1%; CSI 300: 0,8%). O dia é de alta de metais preciosos após queda aguda nas últimas sessões.    IFIX   O Índice de Fundos Imobiliários (IFIX) encerrou a terça-feira em alta de 0,10%, impulsionado sobretudo pelos Fundos de Fundos, que avançaram 0,52%, e pelos Fundos Híbridos, que registraram elevação de 0,26%. Os Fundos de Tijolo também tiveram desempenho positivo, com alta de 0,13%, puxados principalmente pelos segmentos de Ativos Logísticos e Lajes Corporativas, que subiram 0,27% e 0,25%, respectivamente. O movimento refletiu o fechamento da curva de juros em um pregão marcado pela divulgação da ata do Copom, que reforçou a perspectiva de início de um ciclo de flexibilização monetária a partir de março. Os demais segmentos apresentaram resultados mais moderados: os Fundos de Papel permaneceram praticamente estáveis, enquanto os Fundos Multiestratégia recuaram 0,13%. Entre as maiores altas do dia destacaram-se TGAR11 (+3,6%), VCJR11 (+2,0%) e KORE11 (+1,9%). No campo negativo, as principais baixas foram JSCR11 (-2,2%), OUJP11 (-2,0%) e BRCR11 (-1,4%).   Economia   Na zona do euro, dados da inflação de janeiro mostraram nova desaceleração, com o indicador mostrando alta de 1,7% ante o ano anterior, abaixo da expectativa de 1,8% e da meta de 2,0% do banco central europeu (BCE). O núcleo do indicador mostrou alta de 2,2%. No Japão PMI de Serviços subiu para 53,7 em janeiro e o PMI Composto avançou para 53,1, marcando o ritmo mais forte de expansão do setor privado desde maio de 2023, com serviços liderando. No Brasil, a produção industrial recuou 1,2% em dezembro e a atividade do setor terminou 2025 praticamente estagnada (+0,6%), com fraqueza disseminada — especialmente em Bens de Capital —, sugerindo investimento mais fraco no curto prazo. Já a ata do Copom reforçou a sinalização de início cauteloso de cortes de juros em março, sem antecipar ritmo, destacando que a taxa deve permanecer restritiva até a desinflação se consolidar e as expectativas se reancorarem, cenário consistente com um corte de 50 pontos em março. Agenda do dia com poucos indicadores. Nos Estados Unidos, teremos a divulgação do ISM de serviços e o ADP de emprego privado, ambos relativos ao mês de janeiro. No Brasil, não há indicadores econômicos programados.        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. Copom reforça orientação de comunicado pós-reunião   EMPRESAS:    1. AmBev (ABEV3) | Dados da PIM dez/25: acima do esperado, mas ainda negativo 2. Marcopolo (POMO4): Programa caminho da escola será relançado     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   ESG:   1.Frente à demora, membros da indústria buscam garantir os incentivos previstos sob o Redata | Café com ESG, 04/02                       Clique aqui para acessar o relatório completo 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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