{"id":52222,"date":"2026-08-12T00:58:34","date_gmt":"2026-08-12T00:58:34","guid":{"rendered":"https:\/\/www.vtmarkets.com\/pt-eu\/uncategorized\/monthly-market-reviews-december-recap-january-outlook\/"},"modified":"2026-08-12T00:58:34","modified_gmt":"2026-08-12T00:58:34","slug":"monthly-market-reviews-december-recap-january-outlook","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/pt-eu\/monthly-market-insights\/monthly-market-reviews-december-recap-january-outlook\/","title":{"rendered":"Revis\u00f5es Mensais dos Mercados: Balan\u00e7o de Dezembro \/ Perspetivas para Janeiro"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/06\/ross_maxwell_banner_mobile-1024x559.png\" alt=\"\" class=\"wp-image-25586\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Dezembro fechou um ano exigente para os mercados globais. A aguardada reuni\u00e3o da Reserva Federal (Fed, o banco central dos EUA) marcou um ponto de viragem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Foi um ano de crescimento fraco, infla\u00e7\u00e3o resistente e risco geopol\u00edtico elevado. A Fed fez o terceiro corte consecutivo dos juros, depois de um longo per\u00edodo de pol\u00edtica restritiva (juros altos para travar a infla\u00e7\u00e3o).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Os ativos de risco (investimentos que tendem a subir quando h\u00e1 confian\u00e7a, como a\u00e7\u00f5es) reagiram bem no in\u00edcio, mas a mensagem manteve-se prudente.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A press\u00e3o da infla\u00e7\u00e3o est\u00e1 a abrandar, mas a Fed deixou claro que as pr\u00f3ximas decis\u00f5es v\u00e3o depender dos dados (ou seja, de indicadores como infla\u00e7\u00e3o, emprego e crescimento).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A infla\u00e7\u00e3o dos servi\u00e7os continua \u201cpegajosa\u201d (dif\u00edcil de baixar) e o mercado de trabalho mant\u00e9m-se robusto, o que limita cortes r\u00e1pidos e fortes em 2026. O cen\u00e1rio aponta para uma descida gradual dos juros, n\u00e3o para medidas bruscas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Diverg\u00eancia de pol\u00edticas continua a ser um tema central<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">O Banco de Inglaterra (BoE, banco central do Reino Unido) tamb\u00e9m cortou juros, com a procura interna a arrefecer e a infla\u00e7\u00e3o a moderar, dando margem aos decisores.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ainda assim, o BoE alertou para entraves estruturais (problemas mais duradouros), como falta de m\u00e3o de obra e crescimento salarial elevado, que complicam o caminho da pol\u00edtica monet\u00e1ria (decis\u00f5es sobre juros e cr\u00e9dito).<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">UK inflation slipped to its lowest level in eight months, a bigger than expected drop that clears the path to an interest-rate cut at the Bank of England <a href=\"https:\/\/t.co\/u3HfdbdnUU\">https:\/\/t.co\/u3HfdbdnUU<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2001189833465626877?ref_src=twsrc%5Etfw\">December 17, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Isto refor\u00e7ou o tema de 2025: bancos centrais a ajustar a pol\u00edtica a ritmos diferentes, porque as economias recuperam de forma desigual e enfrentam riscos distintos.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ativos de risco terminam 2025 em alta<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Apesar dos obst\u00e1culos, as bolsas fecharam o ano em alta. O corte da Fed em dezembro refor\u00e7ou a expectativa de que as condi\u00e7\u00f5es financeiras (facilidade de obter cr\u00e9dito e custo do financiamento) aliviem de forma gradual em 2026.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">US stocks rose and the S&amp;P 500 notched a closing record, boosted by Nvidia, after a flurry of economic data, including a reading of economic growth, pushed bond yields higher and elevated growth names <a href=\"https:\/\/t.co\/I9PthLMpeY\">https:\/\/t.co\/I9PthLMpeY<\/a> <a href=\"https:\/\/t.co\/OWwrCvKNIr\">pic.twitter.com\/OWwrCvKNIr<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2003615353188786326?ref_src=twsrc%5Etfw\">December 23, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">O S&amp;P 500 e o Nasdaq aproximaram-se de m\u00e1ximos hist\u00f3ricos, enquanto o Dow atingiu novos recordes. A rea\u00e7\u00e3o ao corte foi contida, sinal de que grande parte da expectativa de descida de juros j\u00e1 estava refletida nos pre\u00e7os (isto \u00e9, j\u00e1 estava \u201cdescontada\u201d pelo mercado).<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/5dccd82a-7c5e-45ac-8caa-21de9ccf52c2.jpg\" alt=\"\" class=\"wp-image-37726\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Os ganhos concentraram-se em setores mais sens\u00edveis ao crescimento, sobretudo tecnologia e IA (intelig\u00eancia artificial), que lideraram o desempenho dos \u00edndices ao longo do ano.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ouro refor\u00e7a o papel de ref\u00fagio<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">O ouro prolongou a forte subida em dezembro e fechou o ano com ganhos acima de 60%. A prata subiu ainda mais, acima de 100%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A queda dos juros reais (juros j\u00e1 descontando a infla\u00e7\u00e3o), a diversifica\u00e7\u00e3o das reservas pelos bancos centrais (redu\u00e7\u00e3o da depend\u00eancia de uma s\u00f3 moeda\/ativo) e a tens\u00e3o geopol\u00edtica sustentaram a procura por ambos os metais.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Traders are loading up on Treasury options targeting a bond rally that would send US 10-year yields back to 4% in coming weeks, a level not seen since the end of November <a href=\"https:\/\/t.co\/NZvim9QNPb\">https:\/\/t.co\/NZvim9QNPb<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2003166901753524285?ref_src=twsrc%5Etfw\">December 22, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">O corte de juros da Fed sinalizou um teto nos juros reais, reduzindo o custo de oportunidade de manter ouro e outros ativos sem rendimento (ativos que n\u00e3o pagam juros, como o pr\u00f3prio ouro).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As tens\u00f5es na Europa de Leste e no M\u00e9dio Oriente, a incerteza sobre tarifas (impostos sobre importa\u00e7\u00f5es) e as compras cont\u00ednuas dos bancos centrais refor\u00e7aram o ouro como prote\u00e7\u00e3o estrat\u00e9gica (uma cobertura para reduzir riscos).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A prata tamb\u00e9m beneficiou de tend\u00eancias de procura ligadas \u00e0 eletrifica\u00e7\u00e3o (mais uso de eletricidade e baterias), \u00e0 infraestrutura associada \u00e0 IA e \u00e0 expans\u00e3o das energias renov\u00e1veis.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/6e448a7b-94b1-46e1-ad99-2f963bb16b46.jpg\" alt=\"\" class=\"wp-image-37727\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Petr\u00f3leo termina o ano sob press\u00e3o<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">O petr\u00f3leo teve um fim de 2025 irregular e pouco expressivo. As preocupa\u00e7\u00f5es com a procura mantiveram-se, sobretudo na China e em partes da Europa, onde o ritmo de crescimento continuou a abrandar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apesar de a OPEP+ (grupo de grandes produtores, incluindo a OPEP e aliados) manter disciplina na oferta (controlo da produ\u00e7\u00e3o), o aumento da produ\u00e7\u00e3o fora da OPEP, em especial nos EUA, limitou a subida dos pre\u00e7os.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A hoard of Venezuelan crude on tankers at sea will provide a cushion for Chinese refiners \u2014 the biggest buyers \u2014 should the US escalate hostilities against the OPEC producer and disrupt exports <a href=\"https:\/\/t.co\/VgLstsxipF\">https:\/\/t.co\/VgLstsxipF<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2000791106003382470?ref_src=twsrc%5Etfw\">December 16, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">O corte da Fed em dezembro teve impacto limitado, porque o mercado de energia reage mais aos sinais de procura do que \u00e0s taxas de juro.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Um pico de pre\u00e7os a meio do ano, provocado pela subida de tens\u00e3o entre Israel e o Ir\u00e3o, durou pouco. No conjunto do ano, o petr\u00f3leo ficou abaixo de outras classes de ativos, com a oferta a pesar mais do que as perturba\u00e7\u00f5es geopol\u00edticas.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/c83ac673-06ee-4287-addd-3ed0dc2e4ab6.jpg\" alt=\"\" class=\"wp-image-37728\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Mercado cambial ajusta-se a cortes de juros<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">No mercado cambial (compra e venda de moedas), o d\u00f3lar dos EUA enfraqueceu ligeiramente ap\u00f3s o corte da Fed, dando algum al\u00edvio \u00e0s moedas de mercados emergentes. Ainda assim, os fluxos de capital (movimentos de investimento entre pa\u00edses) mantiveram-se seletivos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A libra esterlina e o euro tiveram subidas limitadas, travadas por perspetivas de crescimento mais fracas e incerteza sobre as pol\u00edticas econ\u00f3micas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A libra enfraqueceu com o corte do Banco de Inglaterra, com os mercados a verem o Reino Unido mais exposto a um cen\u00e1rio de crescimento mais lento e a menor margem or\u00e7amental (pouco espa\u00e7o para aumentar despesa ou cortar impostos sem agravar o d\u00e9fice).<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/3ab866de-6253-4081-9aa2-c5eaf53d052a.jpg\" alt=\"\" class=\"wp-image-37725\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ao longo de 2025, o \u00edndice do d\u00f3lar (US Dollar Index, USDX \u2014 mede o d\u00f3lar face a um cabaz de moedas) caiu acentuadamente no primeiro semestre, com o crescimento a abrandar e o mercado a antecipar cortes da Fed. No segundo semestre, estabilizou, apoiado pela procura de ref\u00fagio (procura por seguran\u00e7a em per\u00edodos de incerteza) e por relativa resist\u00eancia da economia. O USDX terminou o ano a oscilar entre 96,25 e 100,50.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Criptoativos estabilizam<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Os criptoativos (ativos digitais, como a bitcoin) estabilizaram em dezembro ap\u00f3s uma corre\u00e7\u00e3o forte em novembro (queda r\u00e1pida dos pre\u00e7os). A bitcoin encontrou suporte (n\u00edvel de pre\u00e7o onde surgem compradores) e negociou num intervalo mais estreito, sinal de maior confian\u00e7a dos investidores.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A tend\u00eancia geral manteve-se, com dezembro a ser um per\u00edodo de consolida\u00e7\u00e3o (pausa com movimento lateral) e n\u00e3o de invers\u00e3o.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">O corte da Fed ajudou o apetite pelo risco, enquanto o interesse institucional (de fundos e grandes entidades) em produtos cripto regulados continuou a crescer.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2025\/12\/b444b6d9-8082-4a91-81ee-292bd557763d.jpg\" alt=\"\" class=\"wp-image-37729\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Os principais motores de 2025<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Em todas as classes de ativos, quatro fatores macroecon\u00f3micos marcaram o ano: instabilidade geopol\u00edtica, fric\u00e7\u00f5es no com\u00e9rcio global (conflitos e barreiras ao com\u00e9rcio), pol\u00edticas diferentes entre bancos centrais e o equil\u00edbrio entre aliviar as condi\u00e7\u00f5es financeiras e evitar um regresso da infla\u00e7\u00e3o.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Em dezembro, estes temas convergiram: ouro, a\u00e7\u00f5es e algumas moedas reagiram a um contexto macro ainda complexo, mas com sinais mais claros de dire\u00e7\u00e3o.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Sinais iniciais a acompanhar em janeiro<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Com a entrada em 2026, os mercados v\u00e3o observar como as mudan\u00e7as de pol\u00edtica come\u00e7am a refletir-se nos dados econ\u00f3micos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As primeiras leituras do CPI (\u00cdndice de Pre\u00e7os no Consumidor, uma medida da infla\u00e7\u00e3o), os dados do emprego e os inqu\u00e9ritos \u00e0 ind\u00fastria transformadora (sondagens sobre atividade nas f\u00e1bricas) v\u00e3o influenciar a perce\u00e7\u00e3o sobre se os cortes de juros avan\u00e7am sem voltar a acelerar a infla\u00e7\u00e3o.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a\u00e7\u00f5es podem continuar a beneficiar de liquidez (dinheiro dispon\u00edvel no sistema) mais favor\u00e1vel, mas com avalia\u00e7\u00f5es elevadas (pre\u00e7os j\u00e1 altos face aos lucros), as expectativas est\u00e3o exigentes.<\/p>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Comece a negociar agora \u2014 clique <a href=\"https:\/\/www.vtmarkets.com\/pt-eu\/trade-now\/\">aqui<\/a> para criar a sua conta real da VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Dezembro selou 2025: Fed corta juros pela terceira vez, mas mant\u00e9m prud\u00eancia e depend\u00eancia de dados. Bolsas em m\u00e1ximos, ouro dispara, petr\u00f3leo pressionado; d\u00f3lar cede, cripto estabiliza, diverg\u00eancia monet\u00e1ria persiste.<\/p>\n","protected":false},"author":87,"featured_media":52221,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-52222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-monthly-market-insights"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Dezembro selou 2025: Fed corta juros pela terceira vez, mas mant\u00e9m prud\u00eancia e depend\u00eancia de dados. 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