Morning Call | Emprego nos EUA em foco

XP Research 6 de fevereiro de 2026 Morning Call Emprego nos EUA em foco     Ouça o áudio do Morning Call XP no Spreaker e Spotify   Ibovespa   O Ibovespa encerrou o pregão de quinta-feira em leve alta de 0,2%, aos 182.127 pontos, na contramão dos mercados globais (S&P 500, -1,2%; Nasdaq, -1,4%). O movimento marcou uma recuperação parcial após a queda de 2,2% registrada na sessão anterior. Entre os destaques positivos, as construtoras voltadas ao segmento de baixa renda lideraram os ganhos, com MRV (MRVE3, +6,9%) e Cury (CURY3, +3,7%). Na ponta negativa, Vale (VALE3, -3,3%) recuou, refletindo a queda dos preços do minério de ferro (-2,3%). Para o pregão de sexta-feira, pela temporada internacional de resultados do 4T25, destaque para a divulgação do balanço da Toyota.   Renda Fixa   Os juros futuros encerraram a quinta‑feira (05) em queda nos Estados Unidos, após a divulgação de dados de emprego mais fracos do que o esperado. A T‑Note de 2 anos recuou para 3,56% (-10 bps), a de 10 anos para 4,28% (-9 bps) e o T‑Bond de 30 anos caiu para 4,85% (-6 bps). No Brasil, na ausência de grandes novidades no mercado local, observou‑se um leve movimento de inclinação da curva, com alta nos vértices mais longos. Além disso, o Tesouro Nacional realizou leilão de títulos prefixados, sem impacto relevante sobre a curva, uma vez que o mercado esperava uma emissão maior. Foram colocados 14 milhões de LTN e 4 milhões de NTN‑F. O DI jan/27 encerrou a 13,40% (-1 bp), o DI jan/29 a 12,76% (0 bps) e o DI jan/31 a 13,18% (+2 bps).   Mercados globais   Nesta sexta-feira, os futuros nos Estados Unidos abrem em alta, após três pregões consecutivos de queda liderados pelo setor de tecnologia, em meio às preocupações do mercado com a indústria de software e com os elevados investimentos (capex) em inteligência artificial anunciados nas últimas divulgações de resultados das big techs.   IFIX   O Índice de Fundos Imobiliários (IFIX) encerrou a quinta-feira praticamente estável, em um pregão marcado por movimentos mistos entre os diferentes segmentos. Os Fundos de Papel e os Fundos Híbridos apresentaram desempenho positivo, com altas de 0,15% e 0,12%, respectivamente. Já os Fundos de Tijolo recuaram 0,12%, influenciados principalmente pelos Fundos de Lajes Corporativas (-0,09%) e pelos Fundos de Logística (-0,10%). Os Fundos de Fundos e os Fundos Multiestratégia também fecharam no campo negativo, com quedas de 0,33% e 0,37%, respectivamente. Entre as maiores altas do dia destacaram-se XPSF11 (+2,4%), PMIS11 (+2,4%) e GZIT11 (+2,0%). No lado negativo, as principais baixas foram BRCR11 (-2,3%), BTHF11 (-2,2%) e BBIG11 (-2,1%).   Economia   Os dados do relatório JOLTS indicam uma continuação do arrefecimento do mercado de trabalho nos Estados Unidos. O número de vagas de emprego em aberto recuou para 6,5 milhões em dezembro de 2025, abaixo das expectativas, que apontavam para cerca de 7,2 milhões de vagas. Na Europa, tanto o Banco Central Europeu quanto o Banco da Inglaterra mantiveram as taxas de juros. Sem agenda de indicadores relevantes hoje.     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. Relatório de emprego nos EUA aponta arrefecimento no mercado de trabalho COMMODITIES:     1. Proteínas | Exportações de Janeiro sustentam o momentum de 2025 EMPRESAS:     1. BrasilAgro (AGRO3) | Colheita amarga; estratégia doce 2. AmBev (ABEV3) | A leitura irregular do terceiro player obscurece o cenário do setor 3. BR Partners (BRBI11): Um Trimestre de Disciplina e Entrega 4. TOTVS (TOTS3): Sell-off global pressiona TOTS3 5. Bradesco (BBDC4): Momento sólido, maior visibilidade   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. Brasileira Serra Verde recebe financiamento de US$ 570 milhões dos EUA para terras raras | Café com ESG, 06/02   Clique aqui para acessar o relatório completo Disclaimer 1) This report was prepared by XP Investimentos CCTVM S.A. 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