Maluhy, from Itaú, sees high uncertainty and points to predictability as a factor for the capital market

The CEO of Itaú (ITUB4), Milton Maluhy Filho, stated that the moment is one of great uncertainty, and this condition makes investors more cautious with their portfolios. The statements were made at a press conference about the bank's third quarter results, according to InfoMoney.

The same report describes Itaú as the largest Brazilian private bank, which makes the reading of its main executive a reference for the market. When describing the scenario, Maluhy cited high interest rates and volatile exchange rates as elements of the current situation.

According to the report, Maluhy stated that the market is not guided by political acronyms and evaluates, first and foremost, the plans presented in practice.

According to the executive, more definitions and predictability could make the capital market more closed or, in the opposite direction, make it resume operations. The conclusion is that the same dose of predictability can produce opposite results, which keeps the topic at the center of the debate.

The thesis that clear rules favor private investment is an old one in liberal thought, and the executive's speech touches on it indirectly. The caveat, however, is that predictability does not, in itself, guarantee the reopening of the capital market.

What changes for the investor

For those who invest in stocks and interest rates, Maluhy's warning suggests caution while uncertainty persists, since, according to him, this environment makes investors more careful with the composition of their portfolios. The scenario of high interest rates and volatile exchange rates, described by the executive himself, remains in the background. It will be necessary to monitor whether the aforementioned predictability materializes and whether the capital market resumes operations. This text does not indicate the purchase or sale of any asset.

Automatically translated from Portuguese.