IBOV 172,021 ▼ 0.25% IPSA 10,879 ▲ 0.53% IPC MEX 66,675 ▼ 1.17% MERVAL 3,223,998 ▼ 1.32% COLCAP 2,294.46 ▼ 0.06% BVL PERÚ 56,156.48 ▼ 1.14% USD/BRL5.16▼ 0.05% USD/MXN17.59▲ 0.43% USD/CLP936.79▲ 0.73% USD/COP3,323▼ 0.90% USD/PEN3.40▲ 0.19% USD/ARS1,492▼ 0.03% USD/UYU40.25▲ 1.59% USD/PYG6,057▲ 1.98% USD/BOB9.85▲ 46.01% USD/DOP58.76▲ 0.74% USD/CRC451.10▲ 1.96% USD/GTQ7.62▲ 2.43% USD/HNL26.71▲ 1.66% USD/NIO36.62▲ 0.96% USD/VES684.23▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.49▲ 0.79% USD/TTD6.73▲ 1.60% EUR/BRL5.88▼ 0.04% BRENT 78.15 ▲ 5.38% WTI 74.06 ▲ 5.14% IRON ORE 161.91 — — COPPER 6.08 ▼ 1.52% GOLD 4,071 ▼ 1.78% SILVER 59.17 ▼ 2.89% SOY 1,200 ▲ 0.23% CORN 463.00 ▲ 4.63% WHEAT 621.00 ▲ 1.93% COFFEE 314.20 ▼ 5.25% SUGAR 15.27 ▲ 0.86% ORANGE JUICE 156.75 ▼ 14.23% COTTON 80.39 ▲ 4.48% COCOA 5,937 ▲ 4.76% BEEF 238.43 ▼ 0.28% CATTLE 360.65 ▲ 0.04% LITHIUM 73.80 ▼ 3.11% PETR4 38.44 ▲ 1.77% VALE3 76.20 ▼ 2.04% ITUB4 42.43 ▼ 0.31% BBDC4 17.82 ▼ 0.56% ABEV3 15.61 ▼ 1.70% BBAS3 19.73 ▼ 0.20% B3SA3 14.53 ▼ 0.34% WEGE3 45.87 ▼ 0.84% PRIO3 56.23 ▲ 4.97% SUZB3 40.92 ▲ 0.49% RENT3 39.09 ▼ 3.05% AZZA3 18.08 ▲ 3.61% CSAN3 3.84 — 0.00% RAIZ4 0.39 ▲ 2.63% PCAR3 2.72 ▼ 1.09% GMAT3 3.58 ▼ 2.19% PSSA3 51.50 ▼ 3.56% CVCB3 1.24 ▼ 0.80% POSI3 3.76 ▲ 0.53% SLCE3 13.16 ▲ 2.81% NATU3 8.05 ▼ 3.13% BRKM5 6.01 ▲ 0.17% RANI3 7.90 ▼ 0.50% CSNA3 4.74 ▼ 0.42% CMIN3 4.55 ▲ 5.08% USIM5 8.43 ▼ 3.21% GGBR4 21.85 ▲ 0.05% ENEV3 25.67 ▼ 1.65% CPFE3 45.44 ▲ 1.25% CMIG4 10.93 ▲ 0.46% EQTL3 39.14 ▲ 0.20% LREN3 13.65 ▼ 3.12% VIVT3 34.31 ▼ 0.55% RAIL3 13.50 — 0.00% KLABIN 17.17 ▲ 1.00% RAIA DROGASIL 17.60 ▲ 0.92% RDOR3 34.83 ▼ 0.49% HAPV3 10.19 ▼ 1.83% FLRY3 15.57 ▼ 0.51% SMTO3 15.32 ▲ 2.41% UGPA3 28.20 ▲ 0.93% VBBR3 30.86 ▲ 2.46% BBSE3 38.55 ▼ 0.41% BPAC11 54.55 ▼ 1.50% CURY3 34.00 ▲ 0.59% AERI3 2.04 ▲ 2.00% VIVARA 22.67 ▲ 0.62% COMPASS 24.93 ▲ 0.04% VAMOS 2.89 ▲ 0.70% SANB11 26.01 ▼ 2.62% ASAI3 8.53 ▼ 1.61% SBSP3 29.47 ▼ 0.81% WALMEX 49.94 ▲ 1.79% GMEXICO 194.11 ▼ 4.28% FEMSA 226.89 ▲ 0.04% CEMEX 21.23 ▼ 0.84% GFNORTE 188.97 ▲ 0.30% BIMBO 56.70 ▼ 0.60% TELEVISA 9.62 ▲ 0.42% AMX 23.03 ▲ 1.14% GAP 417.62 ▼ 5.49% ASUR 288.89 ▼ 6.47% OMA 234.83 ▼ 4.49% KOF 185.91 ▼ 0.85% GRUMA 287.01 ▲ 1.33% KIMBER 39.13 ▼ 0.20% SQM-B 67,939 ▼ 0.47% COPEC 6,050 ▲ 2.89% BSANTANDER 78.50 ▲ 2.03% FALABELLA 6,000 ▲ 3.79% ENELAM 84.74 ▲ 2.23% CENCOSUD 2,081 ▼ 0.67% CMPC 1,075 ▲ 2.68% BANCO CHILE 187.50 ▲ 2.74% LATAM AIR 26.25 ▼ 0.19% YPF 74,350 ▲ 2.34% GGAL 8,055 ▼ 3.19% PAMPA 5,180 ▲ 0.58% TXAR 674.00 ▼ 1.10% ALUAR 996.00 ▲ 0.30% TGS 9,310 ▼ 0.59% CEPU 2,337 ▲ 0.13% MIRGOR 17,350 ▼ 0.14% COME 44.27 ▲ 0.50% LOMA NEGRA 3,563 ▼ 3.39% BYMA 307.00 ▼ 2.77% TELECOM ARG 4,088 ▼ 0.24% ECOPETROL 14.70 ▲ 1.59% BANCOLOMBIA 81.08 ▲ 0.22% GRUPO AVAL 4.92 ▼ 3.15% CREDICORP 386.47 ▼ 1.49% SOUTHERN COPPER 169.75 ▼ 2.37% BUENAVENTURA 28.91 ▼ 3.50% MERCADOLIBRE 1,814 ▲ 0.44% NUBANK 13.61 ▼ 3.20% XP 15.97 ▼ 2.62% PAGSEGURO 8.90 ▼ 0.34% STONE 10.68 ▼ 2.47% GLOBANT 31.65 ▲ 2.26% TECNOGLASS 43.25 ▼ 2.92% GAP AIRPORT 237.18 ▼ 6.78% ASUR 288.89 ▼ 6.47% OMA AIRPORT 107.17 ▼ 5.19% AMX ADR 26.14 ▼ 0.02% FEMSA ADR 129.40 ▼ 0.65% CEMEX ADR 12.11 ▼ 1.70% PETROBRAS ADR 16.66 ▲ 2.46% VALE ADR 14.69 ▼ 2.65% ITAU ADR 8.22 ▼ 0.84% SANTANDER BR 5.11 ▼ 3.40% AMBEV ADR 3.00 ▼ 2.28% CSN 0.93 ▼ 3.34% GERDAU 4.28 ▲ 1.18% LATAM ADR 56.73 ▼ 1.24% BTC 62,301 ▼ 1.57% ETH 1,749 ▼ 1.13% SOL 77.58 ▼ 3.81% XRP 1.09 ▼ 2.26% BNB 567.70 ▼ 1.58% ADA 0.17 ▼ 4.24% DOGE 0.07 ▼ 2.81% AVAX 6.43 ▼ 3.87% LINK 7.63 ▼ 2.91% DOT 0.83 ▼ 1.96% LTC 43.64 ▼ 0.59% BCH 234.81 ▼ 1.95% TRX 0.33 ▼ 1.29% XLM 0.18 ▼ 2.65% HBAR 0.07 ▼ 1.93% NEAR 1.88 ▼ 4.77% ATOM 1.55 ▼ 1.38% AAVE 87.93 ▼ 2.24% SELIC 14.25% NEOE3 33.80 — 0.00% EMBRAER 85.32 ▼ 1.12% EMBRAER ADR 65.97 ▼ 1.89% JBS 12.19 ▲ 0.49% JBS BDR 63.20 ▲ 1.94% MBRF3 15.73 ▼ 4.14% MBRFY 3.03 ▼ 5.31% INTER 5.59 ▼ 1.76% EGX 51,982 ▼ 1.93% USD/ZAR16.40▲ 0.64% USD/NGN 1,370 — 0.00% NIKKEI 66,819 ▼ 2.11% CSI300 4,756 ▼ 0.77% HSI 24,199 ▲ 2.99% NIFTY 23,882 ▼ 2.12% KOSPI 7,247 ▼ 5.35% JCI 5,873 ▼ 1.89% USD/JPY162.51▲ 0.25% USD/CNY6.79▼ 0.09% DAX 24,926 ▼ 2.12% CAC 8,264 ▼ 2.04% FTSE 10,516 ▼ 1.40% MIB 51,785 ▼ 1.28% IBEX 19,152 ▼ 2.49% STOXX 635.84 ▼ 1.62% EUR/USD1.14▼ 0.09% GBP/USD1.33▼ 0.43% SPX 7,504 ▼ 0.45% DJI 52,925 ▼ 0.25% NDX 29,173 ▼ 1.77% RUT 2,982 ▼ 0.90% TSX 35,273 ▲ 0.17% VIX 18.25 ▲ 13.14% USD/CAD1.42▼ 0.09% US10Y 4.5290 ▲ 1.12% IBOV 172,021 ▼ 0.25% IPSA 10,879 ▲ 0.53% IPC MEX 66,675 ▼ 1.17% MERVAL 3,223,998 ▼ 1.32% COLCAP 2,294.46 ▼ 0.06% BVL PERÚ 56,156.48 ▼ 1.14% USD/BRL 5.16 ▼ 0.05% USD/MXN 17.59 ▲ 0.43% USD/CLP 936.79 ▲ 0.73% USD/COP 3,323 ▼ 0.90% USD/PEN 3.40 ▲ 0.19% USD/ARS 1,492 ▼ 0.03% USD/UYU 40.25 ▲ 1.59% USD/PYG 6,057 ▲ 1.98% USD/BOB 9.85 ▲ 46.01% USD/DOP 58.76 ▲ 0.74% USD/CRC 451.10 ▲ 1.96% USD/GTQ 7.62 ▲ 2.16% USD/HNL 26.71 ▲ 1.66% USD/NIO 36.62 ▲ 0.96% USD/VES 684.23 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.49 ▲ 0.79% USD/TTD 6.73 ▲ 1.60% EUR/BRL 5.88 ▼ 0.04% BRENT 78.15 ▲ 5.38% WTI 74.06 ▲ 5.14% IRON ORE 161.91 — — COPPER 6.08 ▼ 1.52% GOLD 4,071 ▼ 1.78% SILVER 59.17 ▼ 2.89% SOY 1,200 ▲ 0.23% CORN 463.00 ▲ 4.63% WHEAT 621.00 ▲ 1.93% COFFEE 314.20 ▼ 5.25% SUGAR 15.27 ▲ 0.86% ORANGE JUICE 156.75 ▼ 14.23% COTTON 80.39 ▲ 4.48% COCOA 5,937 ▲ 4.76% BEEF 238.43 ▼ 0.28% CATTLE 360.65 ▲ 0.04% LITHIUM 73.80 ▼ 3.11% PETR4 38.44 ▲ 1.77% VALE3 76.20 ▼ 2.04% ITUB4 42.43 ▼ 0.31% BBDC4 17.82 ▼ 0.56% ABEV3 15.61 ▼ 1.70% BBAS3 19.73 ▼ 0.20% B3SA3 14.53 ▼ 0.34% WEGE3 45.87 ▼ 0.84% PRIO3 56.23 ▲ 4.97% SUZB3 40.92 ▲ 0.49% RENT3 39.09 ▼ 3.05% AZZA3 18.08 ▲ 3.61% CSAN3 3.84 — 0.00% RAIZ4 0.39 ▲ 2.63% PCAR3 2.72 ▼ 1.09% GMAT3 3.58 ▼ 2.19% PSSA3 51.50 ▼ 3.56% CVCB3 1.24 ▼ 0.80% POSI3 3.76 ▲ 0.53% SLCE3 13.16 ▲ 2.81% NATU3 8.05 ▼ 3.13% BRKM5 6.01 ▲ 0.17% RANI3 7.90 ▼ 0.50% CSNA3 4.74 ▼ 0.42% CMIN3 4.55 ▲ 5.08% USIM5 8.43 ▼ 3.21% GGBR4 21.85 ▲ 0.05% ENEV3 25.67 ▼ 1.65% CPFE3 45.44 ▲ 1.25% CMIG4 10.93 ▲ 0.46% EQTL3 39.14 ▲ 0.20% LREN3 13.65 ▼ 3.12% VIVT3 34.31 ▼ 0.55% RAIL3 13.50 — 0.00% KLABIN 17.17 ▲ 1.00% RAIA DROGASIL 17.60 ▲ 0.92% RDOR3 34.83 ▼ 0.49% HAPV3 10.19 ▼ 1.83% FLRY3 15.57 ▼ 0.51% SMTO3 15.32 ▲ 2.41% UGPA3 28.20 ▲ 0.93% VBBR3 30.86 ▲ 2.46% BBSE3 38.55 ▼ 0.41% BPAC11 54.55 ▼ 1.50% CURY3 34.00 ▲ 0.59% AERI3 2.04 ▲ 2.00% VIVARA 22.67 ▲ 0.62% COMPASS 24.93 ▲ 0.04% VAMOS 2.89 ▲ 0.70% SANB11 26.01 ▼ 2.62% ASAI3 8.53 ▼ 1.61% SBSP3 29.47 ▼ 0.81% WALMEX 49.94 ▲ 1.79% GMEXICO 194.11 ▼ 4.28% FEMSA 226.89 ▲ 0.04% CEMEX 21.23 ▼ 0.84% GFNORTE 188.97 ▲ 0.30% BIMBO 56.70 ▼ 0.60% TELEVISA 9.62 ▲ 0.42% AMX 23.03 ▲ 1.14% GAP 417.62 ▼ 5.49% ASUR 288.89 ▼ 6.47% OMA 234.83 ▼ 4.49% KOF 185.91 ▼ 0.85% GRUMA 287.01 ▲ 1.33% KIMBER 39.13 ▼ 0.20% SQM-B 67,939 ▼ 0.47% COPEC 6,050 ▲ 2.89% BSANTANDER 78.50 ▲ 2.03% FALABELLA 6,000 ▲ 3.79% ENELAM 84.74 ▲ 2.23% CENCOSUD 2,081 ▼ 0.67% CMPC 1,075 ▲ 2.68% BANCO CHILE 187.50 ▲ 2.74% LATAM AIR 26.25 ▼ 0.19% YPF 74,350 ▲ 2.34% GGAL 8,055 ▼ 3.19% PAMPA 5,180 ▲ 0.58% TXAR 674.00 ▼ 1.10% ALUAR 996.00 ▲ 0.30% TGS 9,310 ▼ 0.59% CEPU 2,337 ▲ 0.13% MIRGOR 17,350 ▼ 0.14% COME 44.27 ▲ 0.50% LOMA NEGRA 3,563 ▼ 3.39% BYMA 307.00 ▼ 2.77% TELECOM ARG 4,088 ▼ 0.24% ECOPETROL 14.70 ▲ 1.59% BANCOLOMBIA 81.08 ▲ 0.22% GRUPO AVAL 4.92 ▼ 3.15% CREDICORP 386.47 ▼ 1.49% SOUTHERN COPPER 169.75 ▼ 2.37% BUENAVENTURA 28.91 ▼ 3.50% MERCADOLIBRE 1,814 ▲ 0.44% NUBANK 13.61 ▼ 3.20% XP 15.97 ▼ 2.62% PAGSEGURO 8.90 ▼ 0.34% STONE 10.68 ▼ 2.47% GLOBANT 31.65 ▲ 2.26% TECNOGLASS 43.25 ▼ 2.92% GAP AIRPORT 237.18 ▼ 6.78% ASUR 288.89 ▼ 6.47% OMA AIRPORT 107.17 ▼ 5.19% AMX ADR 26.14 ▼ 0.02% FEMSA ADR 129.40 ▼ 0.65% CEMEX ADR 12.11 ▼ 1.70% PETROBRAS ADR 16.66 ▲ 2.46% VALE ADR 14.69 ▼ 2.65% ITAU ADR 8.22 ▼ 0.84% SANTANDER BR 5.11 ▼ 3.40% AMBEV ADR 3.00 ▼ 2.28% CSN 0.93 ▼ 3.34% GERDAU 4.28 ▲ 1.18% LATAM ADR 56.73 ▼ 1.24% BTC 62,301 ▼ 1.57% ETH 1,749 ▼ 1.13% SOL 77.58 ▼ 3.81% XRP 1.09 ▼ 2.26% BNB 567.70 ▼ 1.58% ADA 0.17 ▼ 4.24% DOGE 0.07 ▼ 2.81% AVAX 6.43 ▼ 3.87% LINK 7.63 ▼ 2.91% DOT 0.83 ▼ 1.96% LTC 43.64 ▼ 0.59% BCH 234.81 ▼ 1.95% TRX 0.33 ▼ 1.29% XLM 0.18 ▼ 2.65% HBAR 0.07 ▼ 1.93% NEAR 1.88 ▼ 4.77% ATOM 1.55 ▼ 1.38% AAVE 87.93 ▼ 2.24% SELIC 14.25% NEOE3 33.80 — 0.00% EMBRAER 85.32 ▼ 1.12% EMBRAER ADR 65.97 ▼ 1.89% JBS 12.19 ▲ 0.49% JBS BDR 63.20 ▲ 1.94% MBRF3 15.73 ▼ 4.14% MBRFY 3.03 ▼ 5.31% INTER 5.59 ▼ 1.76% EGX 51,982 ▼ 1.93% USD/ZAR 16.42 ▲ 0.77% USD/NGN 1,370 — 0.00% NIKKEI 66,819 ▼ 2.11% CSI300 4,756 ▼ 0.77% HSI 24,199 ▲ 2.99% NIFTY 23,882 ▼ 2.12% KOSPI 7,247 ▼ 5.35% JCI 5,873 ▼ 1.89% USD/JPY 162.50 ▲ 0.24% USD/CNY 6.7990 ▲ 0.18% DAX 24,926 ▼ 2.12% CAC 8,264 ▼ 2.04% FTSE 10,516 ▼ 1.40% MIB 51,785 ▼ 1.28% IBEX 19,152 ▼ 2.49% STOXX 635.84 ▼ 1.62% EUR/USD 1.1408 ▼ 0.01% GBP/USD 1.3338 ▼ 0.11% SPX 7,504 ▼ 0.45% DJI 52,925 ▼ 0.25% NDX 29,173 ▼ 1.77% RUT 2,982 ▼ 0.90% TSX 35,273 ▲ 0.17% VIX 18.25 ▲ 13.14% USD/CAD 1.4178 ▼ 0.17% US10Y 4.5290 ▲ 1.12%
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Wednesday, July 8, 2026

Brazil Outranks Germany in Military Power — but Not for Long

By · March 10, 2026 · 3 min read

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Key Points
Brazil ranks 11th in the 2026 Global Firepower Index, placing it above Israel (15th), Iran (16th), and Germany (14th), and cementing its position as the dominant military power in the Southern Hemisphere.
A 2026 defense budget of $26.2 billion — a 6.3% increase — now exceeds the combined military spending of every other South American country, funding nuclear submarines, Gripen fighter jets, stealth frigates, and the region’s first modern air defense system.
President Lula warned this week that Brazil could be invaded “any day” without stronger defenses, proposing a joint arms-production partnership with South Africa to reduce dependence on foreign suppliers.

11th in the World, First in the Hemisphere

The 2026 Global Firepower Index, which evaluates 145 nations across more than 60 factors including military hardware, financial capacity, logistics, and geography, ranks Brazil as the world’s 11th most powerful military force. The PowerIndex score of 0.2374 places it ahead of Pakistan (12th), Indonesia (13th), Germany (14th), Israel (15th), and Iran (16th) — two nations currently at war.

The ranking reflects more than raw firepower. The methodology weighs industrial mobilization capacity, natural resource reserves, and geographic depth — areas where Brazil’s continental dimensions and diversified manufacturing base give it a structural advantage that elevates its score beyond what active personnel numbers alone would suggest.

Record Defense Budget Ends Years of Austerity

The ranking arrives alongside Brazil’s largest defense budget in eight years. At 142 billion reais ($26.2 billion), the 2026 allocation represents a 6.3% increase and, for the first time, exceeds the combined military spending of every other South American nation. A new fiscal carve-out allows up to 5 billion reais per year to bypass spending caps for military modernization.

Brazil Outranks Germany in Military Power — but Not for Long. (Photo Internet reproduction)
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The money is flowing into flagship programs. The Air Force is continuing deliveries of Saab’s Gripen E/F fighter jets, though only 10 of 36 planned aircraft have arrived, with full delivery not expected until 2032. The Navy commissioned its third Scorpène-class submarine in late 2025 and launched a fourth, while construction advances on the Álvaro Alberto — Brazil’s first nuclear-powered submarine, projected for the mid-2030s. The Army is acquiring 96 Centauro II armored vehicles and deploying the region’s first modern air defense system.

Why It Matters Now

The buildup gains sharper significance after Trump’s Shield of the Americas summit, from which Brazil was deliberately excluded. The January capture of Venezuela’s Nicolás Maduro by U.S. special forces — an 18-minute raid on sovereign territory — has accelerated defense discussions in Brasília. Speaking alongside South Africa’s Cyril Ramaphosa on Monday, Lula warned that Brazil could be invaded “any day” and proposed a joint arms-production partnership with Pretoria to reduce dependence on foreign suppliers.

Gaps Behind the Numbers

Despite the headline ranking, Brazil’s military faces structural weaknesses the index does not capture. Personnel costs consume 74% to 80% of the budget, leaving little for equipment. Gripen deliveries are years behind schedule, the nuclear submarine program has been repeatedly delayed, and at roughly 1.1% of GDP, defense spending remains well below the 2% floor that proposed legislation (PEC 55/2023) would establish but Congress has not yet voted on.

The Germany Factor

The ranking deserves a reality check. Germany, three places below Brazil at 14th, is in the middle of the largest military buildup in its postwar history. Berlin’s 2026 defense budget totals approximately 108 billion euros ($119 billion) when the regular allocation and Sondervermögen special fund are combined — more than four times what Brazil spends. Chancellor Friedrich Merz has pledged to hit 3.5% of GDP by 2029, pushing annual spending toward 162 billion euros. Germany is purchasing up to 1,000 Leopard 2A8 tanks, F-35 fighter jets, and overhauling its entire air defense architecture.

That Germany still ranks below Brazil illustrates the methodology’s heavy weighting of manpower and geographic depth over procurement power. Brazil’s 2.1 million total personnel and continental territory boost its composite score. But in operational capability and investable resources, the gap is widening fast. What took Germany three years to begin — a genuine fiscal commitment to rearmament — Brazil is still debating in Congress.

This is part of The Rio Times’ daily coverage of Latin American news and Latin American financial news.

For more context, read Brazil’s Morning Call and the Chile IPSA report.

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