IBOV 185,188.13 ▼ 0.01% IPSA 11,315.26 ▼ 1.14% IPC MEX 65,473.16 ▲ 0.91% MERVAL 3,058,093 ▼ 1.55% COLCAP 2,534.46 ▲ 1.81% BVL PERÚ 59,719.97 ▲ 0.43% USD/BRL5.10▼ 0.19% USD/MXN16.89▼ 0.18% USD/CLP930.46▼ 0.06% USD/COP3,144▼ 0.51% USD/PEN3.35▼ 0.34% USD/ARS1,508▼ 0.17% USD/UYU40.23▲ 1.13% USD/PYG5,924▲ 2.31% USD/BOB12.30▲ 4.75% USD/DOP58.96▲ 0.79% USD/CRC447.49▲ 1.34% USD/GTQ7.63▲ 2.30% USD/HNL26.84▲ 1.66% USD/NIO36.62▲ 0.07% USD/VES805.37▲ 0.19% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.65▲ 0.05% EUR/BRL5.93▲ 0.55% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% IBOV 185,188.13 ▼ 0.01% IPSA 11,315.26 ▼ 1.14% IPC MEX 65,473.16 ▲ 0.91% MERVAL 3,058,093 ▼ 1.55% COLCAP 2,534.46 ▲ 1.81% BVL PERÚ 59,719.97 ▲ 0.43% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73%
since 2009
Friday, September 4, 2026

Brazil’s Knife-Edge Polling Shows A Country Moving Early Into 2026 Mode

By · December 18, 2025 · 2 min read

Daily Brief

The morning intel from across Latin America. Free.

By subscribing you agree to our privacy policy. We never share your email.

Key Points

  • Lula ends 2025 narrowly underwater: 50.7% disapprove, 48.8% approve, 0.4% unsure.
  • Voters reward visible pocketbook wins, but punish anything that feels like a new fee or tax.
  • In side-by-side comparisons, Lula leads on most policy areas, while security and fiscal control remain tougher.

If you want to understand Brazil right now, start with a simple picture: a country that has stopped sitting on the fence.

AtlasIntel’s latest survey, conducted with 18,154 adults from December 10–15 and a stated margin of error of one percentage point, puts President Luiz Inácio Lula da Silva slightly below water at year’s end. Disapproval is 50.7%. Approval is 48.8%.

The deeper signal is not the two-point gap. It is how little “middle” is left. When respondents rated the government overall, 48.9% called it bad or terrible and 46.5% good or great.

Only 4.6% chose “regular.” That is a polarized electorate behaving as if the next campaign has already begun. The splits help explain the mood. Men are more negative than women.

Younger Brazilians are sharply more disapproving than older voters, while those over 60 lean toward approval. Religion tracks politics, too: evangelicals are far more negative than Catholics.

Brazil’s Knife-Edge Polling Shows A Country Moving Early Into 2026 Mode.
One-stop reference
Company Intelligence
Every listed company in Latin America — financials, ownership and structure for 1,450+ companies across 26 exchanges, in one place.
Browse the directory →
RT
Ask Rio Times
17 years of Latin America reporting, on demand.
Open the full Ask Rio Times →

Yet the same dataset complicates the easy story that the government is simply losing ground. When people compare Lula’s administration with Jair Bolsonaro’s across specific areas, Lula is judged better in almost everything.

The biggest advantages appear in tourism, culture and events (+12 percentage points) and housing (+11). He is also ahead on human rights (+9) and international relations (+6), and shows better readings in education, the environment, health and social policy.

Agriculture is essentially tied. Bolsonaro’s advantages remain in fiscal responsibility (-4) and public security (-3). That mix points to the “story behind the story”: Brazilians can prefer the current government in many domains while still feeling uneasy about the day-to-day direction of the country.

The poll’s “successes” and “errors” list is revealing. Popular items include expanded free medicines via Farmácia Popular and a proposed income-tax exemption up to R$5,000 ($926) per month.

Backlash clusters around measures framed as new burdens, including a proposal tied to Pix transactions above R$5,000 ($926) and taxes on low-value overseas purchases, often discussed around $50, roughly R$300 ($56).

In a 2026 simulation using the same candidates as 2022, Lula leads 46.7% to 44.0%, meaning Brazil is both dissatisfied and still electorally split.

Online sharing amplified the poll, and some posts even repeated the numbers incorrectly, a preview of how the information battle can distort reality.

Why this matters abroad is practical. A government governing on a razor-thin margin tends to prioritize quick, visible wins, avoid risky revenue moves, and campaign early.

That shapes Brazil’s fiscal choices, its security posture, and its diplomatic bandwidth, all of which feed directly into investor risk, regional stability, and global trade decisions.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.