The dollar ended Thursday’s session (11/13) moving sideways, with a slight increase of 0.1%, at R$5.298, practically stable compared to the previous day.
In the penultimate session of the week, investors thought about the end of the lockdown in the United States, another round of negotiations between the White House and Brazil on tariffs and data on retail performance in September this year.
Attention also turned to the stock market, with shares in Havida – which put its shares up for auction – and Banco do Brasil, down significantly after the release of third-quarter results.
dollar
- The North American currency closed slightly higher by 0.1%, at 5.298 Brazilian reals.
- At today’s highest exchange rate, the dollar reached 5.303 Brazilian reals. The minimum was R$5,274.
- The previous day, the dollar ended the session higher by 0.37%, reaching R$5.292.
- As a result, the US currency accumulates losses of 1.53% in November and 14.26% against the real in 2025.
Ibovespa
- Ibovespa, the main index of the Brazilian Stock Exchange (B3), was heading for its second consecutive decline.
- At approximately five o’clock in the evening (Brasilia time), in the last stage of the trading session, the Ibovespa index fell by 0.38%, to 157 thousand points.
- The index closed the previous day with a slight decline of 0.07%, at 157.6 thousand points, interrupting a series of 15 consecutive increases.
- As a result, the Brazilian Stock Exchange gained 5.42% in the month and 31.08% in the year.
Havida is melting
The biggest losses in Thursday’s trading session on B3 were recorded by health and dental plan operator Hapvida, whose shares melted amid a negative market reaction to the third-quarter balance sheet the company released the day before. At approximately 4 p.m., the company’s shares trading in B3 fell by 47.2% and were trading at R$17.26.
The shares were put up for auction on Thursday. A stock auction is a mechanism used by exchanges to balance supply and demand for stocks at specific moments of the trading session. It ensures that the stock price more accurately reflects the balance between buyers and sellers.
According to the financial statement released by Hapvida on Wednesday night (11/12), the company’s adjusted net profit totaled R$338 million in the third quarter of this year. The result represents a growth of 12.7% compared to the same period in 2024.
EBITDA (earnings before interest, taxes, depreciation and amortization) amounted to R$746.4 million, a year-on-year decrease of 17.6%. Average market estimates indicated a net profit of R$248 million between July and September and EBITDA of R$842 million.
According to market analysts, despite the positive result and increased profits in the third quarter, Havida’s performance was considered disappointing.
For Goldman Sachs, the downside was a 1.4 percentage point decline in medical losses compared to the previous quarter, which was attributed to worse-than-expected seasonality effects, as well as higher fixed costs following the opening of hospital and outpatient units and weaker sales.
Another issue highlighted by the bank is negative free cash flow of R$234 million, with net debt growing compared to the second quarter.
BTG Pactual, in turn, rated the operator’s third-quarter results as weak, given a range of negative factors such as weak free cash flow and organic growth below initial expectations.
Another bank, JP Morgan, also lowered its target price, from R$52 to R$39, and lowered its recommendation for Hapvida shares from “buy” to “neutral.” According to the North American Bank, the company’s results were weak and below market expectations. “In our view, the market should react negatively to the results, as at least some of the pressures revealed by the numbers are likely to persist through most of 2026,” JP Morgan says.
The US bank adds: “On the one hand, the necessary structural investments are being made to address capacity constraints, reduce the volume of complaints and improve the perception of service quality, with the aim of achieving a more sustainable growth path. On the other hand, the company is not reaping the benefits of this, at least for now, as net additions remain limited, with a continuing high cancellation rate and constrained prices.”
Banco do Brasil falls sharply
One day after publishing its quarterly results, Banco do Brasil also saw a negative trading session on the stock exchange. At 4:40 p.m., the financial institution’s shares fell by 1.32%, at R$22.50. By early afternoon, Banco do Brasil shares posted losses of 3%, at R$22.11. Earlier, at 10:15 a.m., the currency’s devaluation reached 5.34%, with the stock trading at R$22.
The previous day, Banco do Brasil reported to the market an adjusted net profit of R$3.8 billion in the third quarter of 2025, representing a 60% decline compared to the same period last year. In the first nine months of the year, the bank generated profits of R$14.943 billion, a decrease of 47.2% in the year-on-year comparison. Throughout last year, BB generated record profits of R$37.9 billion.
Due to lower profitability until September 2025, the annual results have been revised. The balance sheet result for the second quarter indicated a net profit forecast for the year of between R$21 billion and R$25 billion. Now, in the third quarter balance sheet, the net profit estimate has been lowered to a result between R$18 billion and R$21 billion.
The balance indicates, among the reasons for low profit, the high cost of credit. Default also appears as one of the factors that hurt the bank’s results.
After the publication of Banco do Brasil’s results, Citi Group lowered its recommendation for the company’s shares from “buy” to “neutral.” The target price was lowered from R$29 to R$23. According to Citi, the review is mainly due to BB’s higher expenses with provisions – amounts set aside to cover future liabilities or potential expenses.
“We believe a second downward revision to guidance in 2025 signals weaker visibility in the coming quarters, while the impact of the renegotiation should take time to contribute positively to earnings, which was a key part of our previous thesis,” Citi analysts say.
The lockdown comes to an end in the United States of America
Another notable event followed by markets was the end of the shutdown, the shutdown of broad swaths of the US government, which had already lasted more than 40 days – and was the longest in the country’s history. US President Donald Trump signed the bill ensuring funding for the federal government for fiscal year 2026. “It is an honor to sign this amazing law and get our country working again,” Trump said.
The proposal received 222 votes in favor and 209 votes against in the vote in the House of Representatives. The agreement was reached between Republican parliamentarians and a centrist group of Democrats. Six Democrats supported the text, while two Republicans opposed it. Previously, the project had already passed through the Senate, on Monday (10/11), with a majority of 60 votes in favor, which is the minimum necessary to refer it to the Council for consideration, and 40 against it.
The text, approved after weeks of negotiations, ensures that the government will have resources to operate until January 30, 2026. Until then, Congress will need to vote on a new budget to prevent a new shutdown at the beginning of next year. The proposal also prevents Trump from firing employees until that date and ensures the continuation of the SNAP food assistance program — responsible for serving millions of families in vulnerable situations — until September 2026.
Brazil and the USA discuss pricing
On the international level, investors are following the meeting that will be held on Thursday between Foreign Minister Mauro Vieira and US Secretary of State Marco Rubio to discuss the trade tariffs imposed by the United States on a large portion of the products exported by Brazil.
On Wednesday (11/12), Rubio and Vieira met briefly in Toronto, Canada, where they participated in the G7 meeting. On that occasion, the two sides agreed to meet in Washington.
On October 16, Vieira and Rubio met at the White House in Washington to discuss the tariffs. According to the Brazilian advisor, the conversation took place in an “excellent relaxed atmosphere” and was productive. At the meeting, the Chancellor reiterated the Brazilian position calling for “a rollback of the measures taken by the North American government as of July.”
Two weeks later, the talks advanced after a meeting between Presidents Luiz Inacio Lula da Silva (PT) and Donald Trump in Malaysia. At the end of the first bilateral meeting between the leaders of Brazil and the United States of America, it was agreed that the Brazilian government would send a delegation to Washington as soon as possible to discuss the tariff. The trip was expected to take place in the first week of November, which did not happen.
Brazilian retail trade declines in September
In the local scenario, the market reflected data released this morning by the Brazilian Institute of Geography and Statistics (IBGE) on retail sales.
In September 2025, retail sales volume decreased by 0.3% compared to August. The quarterly moving average remained stable (slight decrease of 0.1%). Compared to September last year, the retail sector grew by 0.8%, which is the sixth positive rate in a row. So far, the growth rate has reached 1.5%. And in 12 months 2.1%.
According to IBGE, in the expanded retail trade – which includes vehicles, motorcycles, spare parts, building materials and the wholesale trade of food, beverage and tobacco products – sales volume rose by 0.2% in September, compared to August.
The moving average increased by 1%. Regarding September 2024, there was an increase of 1.1%. On the year, cumulative retail losses expanded by 0.3%. In 12 months, an increase of 0.7%.
analysis
According to Bruno Chahini, investment specialist at Nomad, the dollar remains practically stable against the riyal, despite the decline in the DXY index (an index that measures the dollar’s performance against a basket of foreign currencies), “in a move that contradicts the global movement.”
Shahini notes that the day was also marked by statements from officials at the Federal Reserve Bank (the Federal Reserve Bank, the US central bank). “The latest messaging has reinforced that more data is still needed before any decision is made, and highlighted that inflation remains above target and monetary policy is not clearly constrained – reducing scope for additional cuts without risking making the situation too accommodative.”
“In addition, the 30-year Treasury auction (US government debt securities maturing in 30 years(It showed weaker demand, indicating greater caution in the interest rate market and contributing to pressure on emerging currencies such as the riyal.)
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