IBOV 170,653 ▼ 0.79% IPSA 10,947 ▼ 0.71% IPC MEX 66,610 ▼ 0.10% MERVAL 3,202,490 ▼ 0.67% COLCAP 2,312.96 ▲ 0.81% BVL PERÚ 55,516.19 ▼ 1.10% USD/BRL5.15— 0.00% USD/MXN17.53▼ 0.30% USD/CLP935.43▲ 0.58% USD/COP3,336▼ 0.07% USD/PEN3.40▼ 0.25% USD/ARS1,487▼ 0.03% USD/UYU40.19▲ 1.19% USD/PYG6,050▲ 1.28% USD/BOB9.85▲ 1.50% USD/DOP58.61▼ 0.07% USD/CRC449.85▲ 1.48% USD/GTQ7.62▲ 2.24% USD/HNL26.72▲ 1.69% USD/NIO36.62▼ 0.45% USD/VES698.47▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.27▲ 0.88% USD/TTD6.70▲ 0.62% EUR/BRL5.90▲ 0.18% BRENT 77.03 ▼ 1.27% WTI 72.63 ▼ 1.21% IRON ORE 161.91 — — COPPER 6.22 ▲ 2.65% GOLD 4,118 ▲ 1.16% SILVER 59.59 ▲ 2.44% SOY 1,187 ▼ 0.71% CORN 450.75 ▲ 3.68% WHEAT 604.25 ▲ 0.79% COFFEE 300.50 ▼ 9.38% SUGAR 15.00 ▼ 0.73% ORANGE JUICE 153.15 ▼ 5.52% COTTON 79.75 ▲ 4.65% COCOA 6,157 ▲ 8.65% BEEF 237.78 ▼ 0.27% CATTLE 362.30 ▲ 0.46% LITHIUM 72.12 ▼ 2.28% PETR4 39.65 ▲ 3.15% VALE3 72.70 ▼ 4.59% ITUB4 41.89 ▼ 1.27% BBDC4 17.69 ▼ 0.73% ABEV3 15.62 ▲ 0.06% BBAS3 19.53 ▼ 1.01% B3SA3 14.24 ▼ 2.00% WEGE3 45.35 ▼ 1.13% PRIO3 56.42 ▲ 0.34% SUZB3 40.83 ▼ 0.22% RENT3 38.84 ▼ 0.64% AZZA3 17.90 ▼ 1.00% CSAN3 3.75 ▼ 2.34% RAIZ4 0.38 ▼ 2.56% PCAR3 2.71 ▼ 0.37% GMAT3 3.74 ▲ 4.47% PSSA3 52.50 ▲ 1.94% CVCB3 1.22 ▼ 1.61% POSI3 3.78 ▲ 0.53% SLCE3 13.21 ▲ 0.38% NATU3 8.50 ▲ 5.59% BRKM5 6.14 ▲ 2.16% RANI3 7.88 ▼ 0.25% CSNA3 4.67 ▼ 1.48% CMIN3 4.66 ▲ 2.42% USIM5 8.35 ▼ 0.95% GGBR4 22.14 ▲ 1.33% ENEV3 25.50 ▼ 0.66% CPFE3 45.46 ▲ 0.04% CMIG4 10.80 ▼ 1.19% EQTL3 38.65 ▼ 1.25% LREN3 13.71 ▲ 0.44% VIVT3 34.31 — 0.00% RAIL3 13.25 ▼ 1.85% KLABIN 17.16 ▼ 0.06% RAIA DROGASIL 17.32 ▼ 1.59% RDOR3 34.08 ▼ 2.15% HAPV3 9.96 ▼ 2.26% FLRY3 15.41 ▼ 1.03% SMTO3 15.25 ▼ 0.46% UGPA3 29.36 ▲ 4.11% VBBR3 31.65 ▲ 2.56% BBSE3 38.75 ▲ 0.52% BPAC11 53.95 ▼ 1.10% CURY3 31.33 ▼ 7.85% AERI3 2.03 ▼ 0.49% VIVARA 22.17 ▼ 2.21% COMPASS 24.52 ▼ 1.64% VAMOS 2.81 ▼ 2.77% SANB11 25.60 ▼ 1.58% ASAI3 8.49 ▼ 0.47% SBSP3 29.25 ▼ 0.75% WALMEX 49.78 ▼ 0.60% GMEXICO 196.37 ▲ 1.10% FEMSA 224.71 ▼ 0.87% CEMEX 21.36 ▲ 0.71% GFNORTE 187.67 ▼ 0.27% BIMBO 57.03 ▲ 0.62% TELEVISA 9.53 ▼ 0.94% AMX 23.18 ▲ 0.96% GAP 416.00 ▲ 0.19% ASUR 284.69 ▼ 1.45% OMA 236.19 ▲ 0.76% KOF 183.45 ▼ 0.85% GRUMA 284.21 ▼ 0.98% KIMBER 38.72 ▼ 0.82% SQM-B 69,501 ▲ 2.30% COPEC 6,030 ▼ 0.33% BSANTANDER 77.10 ▼ 1.78% FALABELLA 5,880 ▼ 2.00% ENELAM 85.39 ▲ 0.77% CENCOSUD 2,079 ▼ 0.10% CMPC 1,079 ▲ 0.33% BANCO CHILE 185.45 ▼ 1.09% LATAM AIR 25.50 ▼ 2.86% YPF 75,725 ▲ 1.75% GGAL 7,910 ▼ 1.68% PAMPA 5,205 ▲ 0.48% TXAR 665.00 ▼ 1.41% ALUAR 960.00 ▼ 3.03% TGS 9,355 ▲ 0.27% CEPU 2,310 ▼ 0.82% MIRGOR 17,400 ▲ 0.58% COME 45.47 ▲ 2.87% LOMA NEGRA 3,510 ▼ 0.85% BYMA 309.75 ▲ 1.14% TELECOM ARG 4,133 ▲ 1.29% ECOPETROL 15.13 ▲ 3.00% BANCOLOMBIA 80.21 ▼ 1.07% GRUPO AVAL 4.84 ▼ 1.63% CREDICORP 381.47 ▼ 1.29% SOUTHERN COPPER 167.21 ▼ 1.50% BUENAVENTURA 28.36 ▼ 1.90% MERCADOLIBRE 1,809 ▼ 0.23% NUBANK 13.37 ▼ 1.76% XP 15.44 ▼ 3.32% PAGSEGURO 8.77 ▼ 1.46% STONE 10.52 ▼ 1.50% GLOBANT 29.90 ▼ 5.53% TECNOGLASS 43.94 ▲ 1.60% GAP AIRPORT 236.30 ▼ 0.37% ASUR 284.69 ▼ 1.45% OMA AIRPORT 107.30 ▲ 0.12% AMX ADR 26.41 ▲ 0.99% FEMSA ADR 127.80 ▼ 1.31% CEMEX ADR 12.17 ▲ 0.50% PETROBRAS ADR 17.24 ▲ 3.48% VALE ADR 14.05 ▼ 4.36% ITAU ADR 8.16 ▼ 0.85% SANTANDER BR 5.04 ▼ 1.18% AMBEV ADR 3.02 ▲ 0.67% CSN 0.92 ▼ 0.41% GERDAU 4.30 ▲ 0.47% LATAM ADR 54.49 ▼ 3.95% BTC 62,960 ▲ 1.13% ETH 1,755 ▲ 0.71% SOL 78.16 ▲ 0.48% XRP 1.10 ▲ 0.66% BNB 572.15 ▲ 0.68% ADA 0.17 ▲ 0.60% DOGE 0.07 ▲ 0.81% AVAX 6.73 ▲ 4.08% LINK 7.74 ▲ 1.46% DOT 0.83 ▲ 1.07% LTC 44.06 ▲ 1.00% BCH 238.86 ▲ 1.57% TRX 0.33 ▲ 0.92% XLM 0.18 ▲ 0.06% HBAR 0.07 ▲ 2.15% NEAR 1.92 ▲ 1.64% ATOM 1.57 ▲ 0.59% AAVE 88.51 ▲ 0.37% SELIC 14.25% EMBRAER 81.50 ▼ 4.48% EMBRAER ADR 63.42 ▼ 3.87% JBS 11.82 ▼ 3.04% JBS BDR 60.90 ▼ 3.64% MBRF3 15.38 ▼ 2.23% MBRFY 2.91 ▼ 3.96% INTER 5.57 ▼ 0.36% EGX 52,133 ▲ 0.20% USD/ZAR16.35▼ 0.39% USD/NGN 1,375 — 0.00% NIKKEI 67,744 ▲ 1.38% CSI300 4,876 ▲ 2.54% HSI 24,023 ▼ 0.73% NIFTY 24,065 ▲ 0.76% KOSPI 7,292 ▲ 0.62% JCI 5,877 ▲ 0.06% USD/JPY162.30▼ 0.18% USD/CNY6.79▼ 0.15% DAX 25,054 ▲ 0.63% CAC 8,302 ▲ 0.59% FTSE 10,449 ▼ 0.38% MIB 52,278 ▲ 0.89% IBEX 19,332 ▲ 1.19% STOXX 639.48 ▲ 0.56% EUR/USD1.14▲ 0.19% GBP/USD1.34▲ 0.49% SPX 7,483 ▼ 0.28% DJI 52,348 ▼ 1.09% NDX 29,253 ▲ 0.27% RUT 2,956 ▼ 0.88% TSX 34,936 ▼ 0.95% VIX 16.57 ▼ 1.95% USD/CAD1.42▲ 0.08% US10Y 4.5690 ▲ 0.88% IBOV 170,653 ▼ 0.79% IPSA 10,947 ▼ 0.71% IPC MEX 66,610 ▼ 0.10% MERVAL 3,202,490 ▼ 0.67% COLCAP 2,312.96 ▲ 0.81% BVL PERÚ 55,516.19 ▼ 1.10% USD/BRL 5.15 ▲ 0.00% USD/MXN 17.53 ▼ 0.30% USD/CLP 935.43 ▲ 0.58% USD/COP 3,336 ▼ 0.07% USD/PEN 3.40 ▼ 0.26% USD/ARS 1,487 ▼ 0.03% USD/UYU 40.19 ▲ 1.44% USD/PYG 6,050 ▲ 1.28% USD/BOB 9.85 ▲ 46.01% USD/DOP 58.61 ▼ 0.07% USD/CRC 449.85 ▲ 1.48% USD/GTQ 7.62 ▲ 2.24% USD/HNL 26.72 ▲ 1.48% USD/NIO 36.62 ▼ 0.45% USD/VES 698.47 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.27 ▲ 0.88% USD/TTD 6.70 ▲ 0.62% EUR/BRL 5.90 ▲ 0.18% BRENT 77.03 ▼ 1.27% WTI 72.63 ▼ 1.21% IRON ORE 161.91 — — COPPER 6.22 ▲ 2.65% GOLD 4,118 ▲ 1.16% SILVER 59.59 ▲ 2.44% SOY 1,187 ▼ 0.71% CORN 450.75 ▲ 3.68% WHEAT 604.25 ▲ 0.79% COFFEE 300.50 ▼ 9.38% SUGAR 15.00 ▼ 0.73% ORANGE JUICE 153.15 ▼ 5.52% COTTON 79.75 ▲ 4.65% COCOA 6,157 ▲ 8.65% BEEF 237.78 ▼ 0.27% CATTLE 362.30 ▲ 0.46% LITHIUM 72.12 ▼ 2.28% PETR4 39.65 ▲ 3.15% VALE3 72.70 ▼ 4.59% ITUB4 41.89 ▼ 1.27% BBDC4 17.69 ▼ 0.73% ABEV3 15.62 ▲ 0.06% BBAS3 19.53 ▼ 1.01% B3SA3 14.24 ▼ 2.00% WEGE3 45.35 ▼ 1.13% PRIO3 56.42 ▲ 0.34% SUZB3 40.83 ▼ 0.22% RENT3 38.84 ▼ 0.64% AZZA3 17.90 ▼ 1.00% CSAN3 3.75 ▼ 2.34% RAIZ4 0.38 ▼ 2.56% PCAR3 2.71 ▼ 0.37% GMAT3 3.74 ▲ 4.47% PSSA3 52.50 ▲ 1.94% CVCB3 1.22 ▼ 1.61% POSI3 3.78 ▲ 0.53% SLCE3 13.21 ▲ 0.38% NATU3 8.50 ▲ 5.59% BRKM5 6.14 ▲ 2.16% RANI3 7.88 ▼ 0.25% CSNA3 4.67 ▼ 1.48% CMIN3 4.66 ▲ 2.42% USIM5 8.35 ▼ 0.95% GGBR4 22.14 ▲ 1.33% ENEV3 25.50 ▼ 0.66% CPFE3 45.46 ▲ 0.04% CMIG4 10.80 ▼ 1.19% EQTL3 38.65 ▼ 1.25% LREN3 13.71 ▲ 0.44% VIVT3 34.31 — 0.00% RAIL3 13.25 ▼ 1.85% KLABIN 17.16 ▼ 0.06% RAIA DROGASIL 17.32 ▼ 1.59% RDOR3 34.08 ▼ 2.15% HAPV3 9.96 ▼ 2.26% FLRY3 15.41 ▼ 1.03% SMTO3 15.25 ▼ 0.46% UGPA3 29.36 ▲ 4.11% VBBR3 31.65 ▲ 2.56% BBSE3 38.75 ▲ 0.52% BPAC11 53.95 ▼ 1.10% CURY3 31.33 ▼ 7.85% AERI3 2.03 ▼ 0.49% VIVARA 22.17 ▼ 2.21% COMPASS 24.52 ▼ 1.64% VAMOS 2.81 ▼ 2.77% SANB11 25.60 ▼ 1.58% ASAI3 8.49 ▼ 0.47% SBSP3 29.25 ▼ 0.75% WALMEX 49.78 ▼ 0.60% GMEXICO 196.37 ▲ 1.10% FEMSA 224.71 ▼ 0.87% CEMEX 21.36 ▲ 0.71% GFNORTE 187.67 ▼ 0.27% BIMBO 57.03 ▲ 0.62% TELEVISA 9.53 ▼ 0.94% AMX 23.18 ▲ 0.96% GAP 416.00 ▲ 0.19% ASUR 284.69 ▼ 1.45% OMA 236.19 ▲ 0.76% KOF 183.45 ▼ 0.85% GRUMA 284.21 ▼ 0.98% KIMBER 38.72 ▼ 0.82% SQM-B 69,501 ▲ 2.30% COPEC 6,030 ▼ 0.33% BSANTANDER 77.10 ▼ 1.78% FALABELLA 5,880 ▼ 2.00% ENELAM 85.39 ▲ 0.77% CENCOSUD 2,079 ▼ 0.10% CMPC 1,079 ▲ 0.33% BANCO CHILE 185.45 ▼ 1.09% LATAM AIR 25.50 ▼ 2.86% YPF 75,725 ▲ 1.75% GGAL 7,910 ▼ 1.68% PAMPA 5,205 ▲ 0.48% TXAR 665.00 ▼ 1.41% ALUAR 960.00 ▼ 3.03% TGS 9,355 ▲ 0.27% CEPU 2,310 ▼ 0.82% MIRGOR 17,400 ▲ 0.58% COME 45.47 ▲ 2.87% LOMA NEGRA 3,510 ▼ 0.85% BYMA 309.75 ▲ 1.14% TELECOM ARG 4,133 ▲ 1.29% ECOPETROL 15.13 ▲ 3.00% BANCOLOMBIA 80.21 ▼ 1.07% GRUPO AVAL 4.84 ▼ 1.63% CREDICORP 381.47 ▼ 1.29% SOUTHERN COPPER 167.21 ▼ 1.50% BUENAVENTURA 28.36 ▼ 1.90% MERCADOLIBRE 1,809 ▼ 0.23% NUBANK 13.37 ▼ 1.76% XP 15.44 ▼ 3.32% PAGSEGURO 8.77 ▼ 1.46% STONE 10.52 ▼ 1.50% GLOBANT 29.90 ▼ 5.53% TECNOGLASS 43.94 ▲ 1.60% GAP AIRPORT 236.30 ▼ 0.37% ASUR 284.69 ▼ 1.45% OMA AIRPORT 107.30 ▲ 0.12% AMX ADR 26.41 ▲ 0.99% FEMSA ADR 127.80 ▼ 1.31% CEMEX ADR 12.17 ▲ 0.50% PETROBRAS ADR 17.24 ▲ 3.48% VALE ADR 14.05 ▼ 4.36% ITAU ADR 8.16 ▼ 0.85% SANTANDER BR 5.04 ▼ 1.18% AMBEV ADR 3.02 ▲ 0.67% CSN 0.92 ▼ 0.41% GERDAU 4.30 ▲ 0.47% LATAM ADR 54.49 ▼ 3.95% BTC 62,960 ▲ 1.13% ETH 1,755 ▲ 0.71% SOL 78.16 ▲ 0.48% XRP 1.10 ▲ 0.66% BNB 572.15 ▲ 0.68% ADA 0.17 ▲ 0.60% DOGE 0.07 ▲ 0.81% AVAX 6.73 ▲ 4.08% LINK 7.74 ▲ 1.46% DOT 0.83 ▲ 1.07% LTC 44.06 ▲ 1.00% BCH 238.86 ▲ 1.57% TRX 0.33 ▲ 0.92% XLM 0.18 ▲ 0.06% HBAR 0.07 ▲ 2.15% NEAR 1.92 ▲ 1.64% ATOM 1.57 ▲ 0.59% AAVE 88.51 ▲ 0.37% SELIC 14.25% EMBRAER 81.50 ▼ 4.48% EMBRAER ADR 63.42 ▼ 3.87% JBS 11.82 ▼ 3.04% JBS BDR 60.90 ▼ 3.64% MBRF3 15.38 ▼ 2.23% MBRFY 2.91 ▼ 3.96% INTER 5.57 ▼ 0.36% EGX 52,133 ▲ 0.20% USD/ZAR 16.36 ▼ 0.36% USD/NGN 1,375 — 0.00% NIKKEI 67,744 ▲ 1.38% CSI300 4,876 ▲ 2.54% HSI 24,023 ▼ 0.73% NIFTY 24,065 ▲ 0.76% KOSPI 7,292 ▲ 0.62% JCI 5,877 ▲ 0.06% USD/JPY 162.35 ▼ 0.13% USD/CNY 6.7942 ▼ 0.04% DAX 25,054 ▲ 0.63% CAC 8,302 ▲ 0.59% FTSE 10,449 ▼ 0.38% MIB 52,278 ▲ 0.89% IBEX 19,332 ▲ 1.19% STOXX 639.48 ▲ 0.56% EUR/USD 1.1439 ▲ 0.15% GBP/USD 1.3416 ▲ 0.19% SPX 7,483 ▼ 0.28% DJI 52,348 ▼ 1.09% NDX 29,253 ▲ 0.27% RUT 2,956 ▼ 0.88% TSX 34,936 ▼ 0.95% VIX 16.57 ▼ 1.95% USD/CAD 1.4176 ▲ 0.02% US10Y 4.5690 ▲ 0.88%
since 2009
Thursday, July 9, 2026

Politics - Brazil Brazil Markets

Brazil’s Election Rules Just Stripped Lula of Incumbency

By · July 9, 2026 · 5 min read

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Elections

Key Facts

The lead. Meio/Ideia, polling 3–6 July, puts Lula on 40.4% and Senator Flávio Bolsonaro on 32% in the first round.

The verdict. In the same survey, 41% call the government bad or terrible against 32.5% who call it good or excellent.

The floor. Swap Flávio for Michelle Bolsonaro and Lula stays on exactly 40.4%; only the opposition’s number moves.

The squeeze. Head to head the margin narrows to 45–40, so consolidation costs Lula more than it costs the right.

The switch-off. Since 4 July, officials may not run institutional advertising, attend ribbon-cuttings, or hire and fire staff.

The window. Party conventions run 20 July to 5 August, when alliances are struck and tickets are finally fixed.

Lula is ahead in every published survey, and more Brazilians think his government is bad than intend to vote for him. That contradiction is the Brazil election 2026 in one line, and the law has just taken away the tools an incumbent would normally use to resolve it.

Brazil votes on the fourth of October, with a runoff three weeks later if nobody clears half the valid votes. Every presidential election since 2002 has gone to a second round.

The polls are consistent and unhelpful. A survey taken between the third and sixth of July puts the president at just over forty percent and his challenger, Senator Flávio Bolsonaro, at thirty-two.

Brazil election 2026
Brazil’s electoral rules shifted on 4 July, three months before the vote. (Photo internet reproduction)
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What the Brazil election 2026 numbers actually say

Hold the same poll up to the light and three things appear that nobody put in a headline. Start with the government’s report card.

Forty-one percent of respondents rate the administration bad or terrible, and just under a third rate it good or excellent. The president’s own voting share sits below the share of Brazilians who condemn his government.

More people want to vote for the man than approve of what he has done. He is, in the flattest possible sense, running ahead of his own record.

The second finding is stranger. Replace Flávio Bolsonaro with his stepmother Michelle in the ballot question and Lula’s number does not move at all, not even at the first decimal place.

The opposition’s figure drops and a governor picks up the difference. Lula’s support is a floor set by his own identity, entirely inelastic to whichever Bolsonaro is standing opposite him.

The third is the one that should worry his campaign. His first-round lead is eight points; head to head against the same senator it shrinks to five.

Every point the fragmented right recovers in a runoff is worth more to Flávio than to Lula. The president wins the first round and then watches his margin erode as the scattered votes come home.

The machinery of incumbency has been unplugged

Here is what almost no foreign coverage has registered. On the fourth of July a set of restrictions took effect that removes most of the ordinary advantages of holding office.

According to the electoral court’s published calendar, public officials may no longer run institutional advertising, address the nation on chained radio and television, or appoint, dismiss or transfer civil servants within the constituency.

Candidates may not appear at the opening of public works. Governments may not pay for concerts at such openings, and must scrub the names, images and slogans of serving politicians from official websites.

The effect is immediate and physical. Several state and federal ministry news pages went dark this week, which is why anyone trying to verify a Brazilian infrastructure announcement right now finds a blank screen where a press release used to be.

Broadcasters had already been barred, from the last day of June, from carrying programmes presented or commented on by anyone who has declared a pre-candidacy. Brazil takes the machinery of incumbency seriously enough to switch it off by statute.

The three weeks that decide the field

The next real event is not a poll. Between the twentieth of July and the fifth of August, parties and federations hold the conventions at which coalitions are agreed and candidates formally chosen.

That window is where the arithmetic above gets rewritten. A governor who stands down, a party that changes side, a running mate who brings a region: each of these moves the numbers more than a month of campaigning will.

From the same date, campaigns must report every financial contribution they receive. For an investor watching country risk, that disclosure trail is worth more than any voting-intention series.

Until then the picture holds. A president who leads without being liked, an opposition that has not yet cashed its own consolidation, and a state that has been legally forbidden from helping either of them.

When is the Brazil election 2026 vote?

The first round falls on the fourth of October, with a runoff on the twenty-fifth if no candidate wins more than half of the valid votes.

Why did government websites stop publishing?

Electoral law bans institutional publicity and the display of serving politicians’ names and images on official channels from the fourth of July until the winners take office.

What happens at the party conventions?

Between 20 July and 5 August parties choose their candidates and negotiate coalitions, fixing the ballot and the alliance map for the campaign that follows.

Connected Coverage

Brazil Election 2026: Date, Polls & Who’s Leading

Brazil Election Poll Tracker 2026

Lula Regains His Lead in a Brazil Race Investors Are Watching

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