IBOV 176,010.90 ▼ 0.36% IPSA 10,947.38 ▼ 0.70% IPC MEX 66,409.65 ▼ 0.18% MERVAL 3,291,246 ▲ 1.92% COLCAP 2,292.03 ▼ 0.29% BVL PERÚ 57,174.37 — — USD/BRL5.08▲ 0.06% USD/MXN17.40▲ 0.06% USD/CLP925.20▼ 0.09% USD/COP3,220▼ 0.49% USD/PEN3.39▲ 0.12% USD/ARS1,475▲ 0.32% USD/UYU40.15▲ 1.04% USD/PYG6,039▲ 1.28% USD/BOB10.65▲ 5.99% USD/DOP58.36▲ 0.10% USD/CRC447.49▲ 0.88% USD/GTQ7.62▲ 2.09% USD/HNL26.73▼ 0.01% USD/NIO36.62▲ 0.34% USD/VES725.63▲ 0.11% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.48▼ 0.01% USD/TTD6.76▲ 1.32% EUR/BRL5.82▼ 0.61% BRENT 84.57 ▼ 0.45% WTI 79.38 ▼ 0.28% IRON ORE 161.91 — — COPPER 6.41 ▲ 1.85% GOLD 4,038 ▼ 0.16% SILVER 57.58 ▲ 0.82% SOY 1,200 ▼ 0.23% CORN 468.75 ▲ 4.75% WHEAT 675.75 ▼ 0.26% COFFEE 324.50 ▼ 3.77% SUGAR 14.86 ▼ 0.13% ORANGE JUICE 140.45 ▲ 0.14% COTTON 82.13 ▲ 3.18% COCOA 5,917 ▲ 4.54% BEEF 230.13 ▼ 0.56% CATTLE 344.38 ▼ 1.27% LITHIUM 71.06 ▼ 0.73% PETR4 40.59 ▼ 0.17% VALE3 74.51 ▲ 0.68% ITUB4 43.14 ▼ 1.12% BBDC4 18.60 ▼ 0.16% ABEV3 15.57 ▼ 1.52% BBAS3 20.55 ▼ 0.19% B3SA3 15.69 ▲ 2.35% WEGE3 44.26 ▲ 0.14% PRIO3 57.50 ▼ 0.12% SUZB3 41.48 ▲ 0.90% RENT3 40.35 ▼ 0.47% AZZA3 18.66 ▼ 1.01% CSAN3 3.93 ▲ 1.03% RAIZ4 0.29 ▼ 6.45% PCAR3 2.62 ▲ 6.94% GMAT3 3.98 ▲ 0.51% PSSA3 55.22 ▲ 1.71% CVCB3 1.34 ▼ 2.90% POSI3 3.95 ▼ 1.00% SLCE3 13.50 ▼ 2.24% NATU3 8.67 ▲ 1.40% BRKM5 6.41 ▼ 6.15% RANI3 7.98 ▼ 0.37% CSNA3 5.24 ▲ 0.77% CMIN3 5.24 ▲ 2.75% USIM5 8.20 ▼ 0.36% GGBR4 24.20 ▲ 3.77% ENEV3 26.95 ▼ 0.81% CPFE3 46.83 ▼ 0.78% CMIG4 11.15 ▼ 0.45% EQTL3 40.33 ▼ 1.51% LREN3 14.10 ▼ 1.33% VIVT3 35.47 ▼ 0.14% RAIL3 14.07 ▼ 0.42% KLABIN 17.39 ▲ 0.40% RAIA DROGASIL 18.67 ▲ 0.38% RDOR3 36.01 ▼ 0.11% HAPV3 10.99 ▼ 1.79% FLRY3 16.51 ▲ 0.61% SMTO3 15.53 ▼ 3.66% UGPA3 31.10 ▲ 3.29% VBBR3 33.75 ▲ 1.35% BBSE3 40.71 ▲ 0.79% BPAC11 57.04 ▼ 1.57% CURY3 32.73 ▼ 2.56% AERI3 2.02 ▼ 2.42% VIVARA 23.52 ▲ 0.38% COMPASS 25.11 ▼ 0.36% VAMOS 3.12 ▼ 0.95% SANB11 27.00 ▼ 1.24% ASAI3 8.66 — 0.00% SBSP3 29.98 ▼ 1.19% WALMEX 49.61 ▲ 0.69% GMEXICO 200.02 ▲ 0.23% FEMSA 223.27 ▼ 2.64% CEMEX 22.64 ▲ 1.98% GFNORTE 183.98 ▼ 1.19% BIMBO 57.50 ▲ 2.02% TELEVISA 9.60 ▲ 1.16% AMX 22.80 ▼ 0.22% GAP 398.24 ▲ 0.75% ASUR 283.46 ▲ 2.85% OMA 234.61 ▼ 0.17% KOF 177.25 ▼ 1.47% GRUMA 280.76 ▲ 0.49% KIMBER 38.73 ▲ 0.75% SQM-B 66,050 ▼ 2.72% COPEC 6,126 ▼ 1.35% BSANTANDER 78.16 ▼ 0.61% FALABELLA 5,853 ▼ 0.37% ENELAM 84.80 ▼ 1.11% CENCOSUD 2,005 ▼ 1.72% CMPC 1,074 ▼ 2.63% BANCO CHILE 188.88 ▼ 0.33% LATAM AIR 25.40 ▲ 2.01% YPF 78,550 ▲ 1.00% GGAL 8,205 ▲ 3.73% PAMPA 5,240 ▲ 0.19% TXAR 668.00 ▲ 0.91% ALUAR 959.50 ▲ 1.11% TGS 9,750 ▲ 0.41% CEPU 2,344 ▲ 0.73% MIRGOR 16,975 ▲ 1.34% COME 45.63 ▼ 0.26% LOMA NEGRA 3,615 ▲ 2.34% BYMA 304.25 ▲ 1.08% TELECOM ARG 4,315 ▼ 0.40% ECOPETROL 15.98 ▼ 1.11% BANCOLOMBIA 81.55 ▼ 0.67% GRUPO AVAL 5.03 ▲ 1.62% CREDICORP 398.20 ▲ 1.52% SOUTHERN COPPER 181.54 ▼ 0.46% BUENAVENTURA 30.71 ▼ 1.03% MERCADOLIBRE 1,843 ▼ 1.64% NUBANK 13.88 ▼ 0.79% XP 16.87 — 0.00% PAGSEGURO 9.21 ▼ 0.75% STONE 11.28 ▼ 0.18% GLOBANT 31.98 ▲ 3.43% TECNOGLASS 45.67 ▲ 3.26% GAP AIRPORT 228.15 ▲ 0.97% ASUR 283.46 ▲ 2.85% OMA AIRPORT 107.90 ▲ 0.24% AMX ADR 26.11 ▼ 0.27% FEMSA ADR 128.77 ▼ 3.30% CEMEX ADR 13.07 ▲ 2.11% PETROBRAS ADR 17.86 ▼ 0.33% VALE ADR 14.67 ▲ 0.55% ITAU ADR 8.45 ▼ 1.17% SANTANDER BR 5.35 ▼ 0.74% AMBEV ADR 3.03 ▼ 1.94% CSN 1.04 ▲ 0.49% GERDAU 4.80 ▲ 4.12% LATAM ADR 54.87 ▲ 2.54% BTC 64,839 ▲ 0.20% ETH 1,924 ▲ 0.35% SOL 77.40 ▲ 0.18% XRP 1.12 ▲ 0.25% BNB 583.34 ▲ 0.56% ADA 0.16 ▼ 0.48% DOGE 0.07 ▲ 0.10% AVAX 6.71 ▲ 0.21% LINK 8.53 ▼ 0.03% DOT 0.84 ▼ 0.40% LTC 45.27 ▲ 0.32% BCH 223.72 ▲ 0.25% TRX 0.32 ▼ 0.10% XLM 0.19 ▼ 0.07% HBAR 0.07 ▼ 0.50% NEAR 2.05 ▼ 0.58% ATOM 1.56 ▲ 0.29% AAVE 96.12 ▲ 0.30% SELIC 14.25% EMBRAER 82.35 ▼ 0.17% EMBRAER ADR 64.90 ▼ 0.02% JBS 12.10 ▲ 2.28% JBS BDR 61.43 ▲ 2.81% MBRF3 15.40 ▼ 4.29% MBRFY 2.87 ▼ 8.60% INTER 5.62 ▼ 1.40% EGX 52,558 ▲ 0.50% USD/ZAR16.34▲ 0.08% USD/NGN 1,379 — 0.00% NIKKEI 66,719 ▼ 2.96% CSI300 4,724 ▼ 1.30% HSI 25,204 ▲ 2.12% NIFTY 24,146 ▲ 0.28% KOSPI 6,822 ▼ 6.34% JCI 6,064 ▲ 0.37% USD/JPY162.15▼ 0.02% USD/CNY6.77▼ 0.04% DAX 25,000 ▼ 0.59% CAC 8,382 ▲ 0.19% FTSE 10,516 ▼ 0.13% MIB 52,411 ▼ 0.85% IBEX 19,276 ▼ 0.42% STOXX 642.71 ▲ 0.10% EUR/USD1.15▲ 0.03% GBP/USD1.35▲ 1.01% SPX 7,572 ▲ 0.38% DJI 52,659 ▲ 0.29% NDX 29,503 ▼ 0.28% RUT 2,976 ▲ 0.39% TSX 35,416 ▲ 0.27% VIX 15.67 ▼ 5.03% USD/CAD1.41▲ 0.06% US10Y 4.5450 ▼ 0.87% IBOV 176,010.90 ▼ 0.36% IPSA 10,947.38 ▼ 0.70% IPC MEX 66,409.65 ▼ 0.18% MERVAL 3,291,246 ▲ 1.92% COLCAP 2,292.03 ▼ 0.29% BVL PERÚ 57,174.37 — — USD/BRL 5.08 ▲ 0.06% USD/MXN 17.39 ▲ 0.03% USD/CLP 925.20 ▼ 0.09% USD/COP 3,220 ▼ 0.49% USD/PEN 3.39 ▲ 0.12% USD/ARS 1,475 ▲ 0.32% USD/UYU 40.15 ▲ 1.04% USD/PYG 6,039 ▲ 1.28% USD/BOB 10.65 ▲ 5.99% USD/DOP 58.36 ▲ 0.10% USD/CRC 447.49 ▲ 0.88% USD/GTQ 7.62 ▲ 2.09% USD/HNL 26.73 ▼ 0.01% USD/NIO 36.62 ▲ 0.34% USD/VES 725.63 ▲ 0.11% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.48 ▲ 0.31% USD/TTD 6.76 ▲ 1.56% EUR/BRL 5.82 ▼ 0.61% BRENT 84.57 ▼ 0.45% WTI 79.38 ▼ 0.28% IRON ORE 161.91 — — COPPER 6.41 ▲ 1.85% GOLD 4,038 ▼ 0.16% SILVER 57.58 ▲ 0.82% SOY 1,200 ▼ 0.23% CORN 468.75 ▲ 4.75% WHEAT 675.75 ▼ 0.26% COFFEE 324.50 ▼ 3.77% SUGAR 14.86 ▼ 0.13% ORANGE JUICE 140.45 ▲ 0.14% COTTON 82.13 ▲ 3.18% COCOA 5,917 ▲ 4.54% BEEF 230.13 ▼ 0.56% CATTLE 344.38 ▼ 1.27% LITHIUM 71.06 ▼ 0.73% PETR4 40.59 ▼ 0.17% VALE3 74.51 ▲ 0.68% ITUB4 43.14 ▼ 1.12% BBDC4 18.60 ▼ 0.16% ABEV3 15.57 ▼ 1.52% BBAS3 20.55 ▼ 0.19% B3SA3 15.69 ▲ 2.35% WEGE3 44.26 ▲ 0.14% PRIO3 57.50 ▼ 0.12% SUZB3 41.48 ▲ 0.90% RENT3 40.35 ▼ 0.47% AZZA3 18.66 ▼ 1.01% CSAN3 3.93 ▲ 1.03% RAIZ4 0.29 ▼ 6.45% PCAR3 2.62 ▲ 6.94% GMAT3 3.98 ▲ 0.51% PSSA3 55.22 ▲ 1.71% CVCB3 1.34 ▼ 2.90% POSI3 3.95 ▼ 1.00% SLCE3 13.50 ▼ 2.24% NATU3 8.67 ▲ 1.40% BRKM5 6.41 ▼ 6.15% RANI3 7.98 ▼ 0.37% CSNA3 5.24 ▲ 0.77% CMIN3 5.24 ▲ 2.75% USIM5 8.20 ▼ 0.36% GGBR4 24.20 ▲ 3.77% ENEV3 26.95 ▼ 0.81% CPFE3 46.83 ▼ 0.78% CMIG4 11.15 ▼ 0.45% EQTL3 40.33 ▼ 1.51% LREN3 14.10 ▼ 1.33% VIVT3 35.47 ▼ 0.14% RAIL3 14.07 ▼ 0.42% KLABIN 17.39 ▲ 0.40% RAIA DROGASIL 18.67 ▲ 0.38% RDOR3 36.01 ▼ 0.11% HAPV3 10.99 ▼ 1.79% FLRY3 16.51 ▲ 0.61% SMTO3 15.53 ▼ 3.66% UGPA3 31.10 ▲ 3.29% VBBR3 33.75 ▲ 1.35% BBSE3 40.71 ▲ 0.79% BPAC11 57.04 ▼ 1.57% CURY3 32.73 ▼ 2.56% AERI3 2.02 ▼ 2.42% VIVARA 23.52 ▲ 0.38% COMPASS 25.11 ▼ 0.36% VAMOS 3.12 ▼ 0.95% SANB11 27.00 ▼ 1.24% ASAI3 8.66 — 0.00% SBSP3 29.98 ▼ 1.19% WALMEX 49.61 ▲ 0.69% GMEXICO 200.02 ▲ 0.23% FEMSA 223.27 ▼ 2.64% CEMEX 22.64 ▲ 1.98% GFNORTE 183.98 ▼ 1.19% BIMBO 57.50 ▲ 2.02% TELEVISA 9.60 ▲ 1.16% AMX 22.80 ▼ 0.22% GAP 398.24 ▲ 0.75% ASUR 283.46 ▲ 2.85% OMA 234.61 ▼ 0.17% KOF 177.25 ▼ 1.47% GRUMA 280.76 ▲ 0.49% KIMBER 38.73 ▲ 0.75% SQM-B 66,050 ▼ 2.72% COPEC 6,126 ▼ 1.35% BSANTANDER 78.16 ▼ 0.61% FALABELLA 5,853 ▼ 0.37% ENELAM 84.80 ▼ 1.11% CENCOSUD 2,005 ▼ 1.72% CMPC 1,074 ▼ 2.63% BANCO CHILE 188.88 ▼ 0.33% LATAM AIR 25.40 ▲ 2.01% YPF 78,550 ▲ 1.00% GGAL 8,205 ▲ 3.73% PAMPA 5,240 ▲ 0.19% TXAR 668.00 ▲ 0.91% ALUAR 959.50 ▲ 1.11% TGS 9,750 ▲ 0.41% CEPU 2,344 ▲ 0.73% MIRGOR 16,975 ▲ 1.34% COME 45.63 ▼ 0.26% LOMA NEGRA 3,615 ▲ 2.34% BYMA 304.25 ▲ 1.08% TELECOM ARG 4,315 ▼ 0.40% ECOPETROL 15.98 ▼ 1.11% BANCOLOMBIA 81.55 ▼ 0.67% GRUPO AVAL 5.03 ▲ 1.62% CREDICORP 398.20 ▲ 1.52% SOUTHERN COPPER 181.54 ▼ 0.46% BUENAVENTURA 30.71 ▼ 1.03% MERCADOLIBRE 1,843 ▼ 1.64% NUBANK 13.88 ▼ 0.79% XP 16.87 — 0.00% PAGSEGURO 9.21 ▼ 0.75% STONE 11.28 ▼ 0.18% GLOBANT 31.98 ▲ 3.43% TECNOGLASS 45.67 ▲ 3.26% GAP AIRPORT 228.15 ▲ 0.97% ASUR 283.46 ▲ 2.85% OMA AIRPORT 107.90 ▲ 0.24% AMX ADR 26.11 ▼ 0.27% FEMSA ADR 128.77 ▼ 3.30% CEMEX ADR 13.07 ▲ 2.11% PETROBRAS ADR 17.86 ▼ 0.33% VALE ADR 14.67 ▲ 0.55% ITAU ADR 8.45 ▼ 1.17% SANTANDER BR 5.35 ▼ 0.74% AMBEV ADR 3.03 ▼ 1.94% CSN 1.04 ▲ 0.49% GERDAU 4.80 ▲ 4.12% LATAM ADR 54.87 ▲ 2.54% BTC 64,839 ▲ 0.20% ETH 1,924 ▲ 0.35% SOL 77.40 ▲ 0.18% XRP 1.12 ▲ 0.25% BNB 583.34 ▲ 0.56% ADA 0.16 ▼ 0.48% DOGE 0.07 ▲ 0.10% AVAX 6.71 ▲ 0.21% LINK 8.53 ▼ 0.03% DOT 0.84 ▼ 0.40% LTC 45.27 ▲ 0.32% BCH 223.72 ▲ 0.25% TRX 0.32 ▼ 0.10% XLM 0.19 ▼ 0.07% HBAR 0.07 ▼ 0.50% NEAR 2.05 ▼ 0.58% ATOM 1.56 ▲ 0.29% AAVE 96.12 ▲ 0.30% SELIC 14.25% EMBRAER 82.35 ▼ 0.17% EMBRAER ADR 64.90 ▼ 0.02% JBS 12.10 ▲ 2.28% JBS BDR 61.43 ▲ 2.81% MBRF3 15.40 ▼ 4.29% MBRFY 2.87 ▼ 8.60% INTER 5.62 ▼ 1.40% EGX 52,558 ▲ 0.50% USD/ZAR 16.34 ▲ 0.34% USD/NGN 1,379 — 0.00% NIKKEI 66,719 ▼ 2.96% CSI300 4,724 ▼ 1.30% HSI 25,204 ▲ 2.12% NIFTY 24,146 ▲ 0.28% KOSPI 6,822 ▼ 6.34% JCI 6,064 ▲ 0.37% USD/JPY 162.15 ▲ 0.01% USD/CNY 6.7664 ▲ 0.13% DAX 25,000 ▼ 0.59% CAC 8,382 ▲ 0.19% FTSE 10,516 ▼ 0.13% MIB 52,411 ▼ 0.85% IBEX 19,276 ▼ 0.42% STOXX 642.71 ▲ 0.10% EUR/USD 1.1467 ▼ 0.01% GBP/USD 1.3532 ▼ 0.04% SPX 7,572 ▲ 0.38% DJI 52,659 ▲ 0.29% NDX 29,503 ▼ 0.28% RUT 2,976 ▲ 0.39% TSX 35,416 ▲ 0.27% VIX 15.67 ▼ 5.03% USD/CAD 1.4047 ▲ 0.07% US10Y 4.5450 ▼ 0.87%
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Thursday, July 16, 2026

Brazil’s Key Swing State Goes National: Report Says Governor Zema Plans A March Exit To Run

By · January 14, 2026 · 2 min read

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Key Points

  1. Minas Gerais Governor Romeu Zema is expected to resign on March 22, 2026, to run for president, handing the state to Vice Governor Mateus Simões.
  2. In recent polling, Zema sits around 5–6% in several first-round scenarios and about 36% in a Lula runoff test.
  3. The move is about leverage in a fragmented field: Zema wants to prove he can grow nationally, not settle for a secondary slot.

Romeu Zema is preparing to swap the governorship of Minas Gerais for a national gamble. The reported plan is a March 22 resignation that would free him to campaign full time ahead of Brazil’s October 4, 2026 presidential election.

His team expects the exit to unlock travel and rapid name-building outside his home base. Minas is why this matters. With about 21 million residents, Minas Gerais is Brazil’s second-most-populous state, close to one in ten Brazilians.

In the latest state GDP accounts, Minas represents about 8.9% of national output. It is a major mining and industrial hub that anchors export flows and global metals supply chains, and a powerful electoral prize: presidential winners usually need a strong showing there.

Brazil’s Key Swing State Goes National: Report Says Governor Zema Plans A March Exit To Run. (Photo Internet reproduction)
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Zema’s exit tests opposition strategy

If Zema steps down, Mateus Simões takes over immediately, managing the state through the end of the term while the national campaign accelerates. What are Zema’s chances? For now, they look like a long shot with a rationale.

In a fresh national survey, he remains in the mid-single digits in first-round simulations, behind better-known rivals. In a head-to-head test against President Luiz Inácio Lula da Silva, he lands in the mid-30s. That is not enough to claim front-runner status.

It is enough to argue that a management-focused message could travel, if it attracts allies beyond Minas and if voters seek an alternative to the usual polarization. The story behind the story is bargaining power.

Zema has publicly rejected speculation that he would join a ticket led by Senator Flávio Bolsonaro. Resigning early strengthens his claim that he is building his own lane. It also pressures the broader opposition to choose between consolidation and competition.

Related coverage: Brazil’s Morning Call | U.S. To Pause Immigrant Visa Processing For 75 Countries, In This is part of The Rio Times’ daily coverage of Brazil affairs and Latin American financial news.

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