The market’s main concern this Wednesday (20) continues to be the difficulty of seeing a solution to the conflict between United States and Iransecond Lucas Tambellini, head of variable income at Lifetime manager.
“The market is stuck with two questions: when will this war end and how will it happen,” he said. Tambellini node Market Turn today, presented by journalist Paula Comassetto.
According to the manager, the effects of the conflict in the Middle East — mainly the uncertainty about global logistics in the face of a possible blockage of the Strait of Hormuz — go beyond the rise in oil and press the curves of fees and the treasuries Americans.
To Tambellinionly a formal agreement between the US and Iran would be able to reduce risk aversion in the markets.
“The investor needs to see a document signed by both parties to believe in a lasting solution,” he said.
Despite the cautious scenario, technology companies have attracted global capital flows. Second Tambelliniinvestors seek protection in more resilient companies after the sector’s strong results in the first quarter of 2026.
This movement is known as “flight to quality” (“flight to quality”, in literal translation), a term used to define the search for assets considered safer in times of uncertainty. The preference for the technology reflects the expectation surrounding the balance sheet of Nvidia (NVDA).
Tambellini also highlighted the opening of space for opportunities in local shares after the reduction in foreign flows on the Brazilian stock exchange, a movement observed since mid-April.
The manager cited BTG Pactual (BPAC11), Itaú Unibanco (ITUB4) and Bradesco (BBDC4) as opportunities after the release of solid results in the first quarter of 2026. He emphasized, however, that the comments do not constitute a recommendation to buy or sell.
*With supervision of Victor Azevedo
Source: www.moneytimes.com.br
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