IBOV 174,301.07 ▲ 0.27% IPSA 10,862.83 ▼ 0.77% IPC MEX 66,358.81 ▼ 0.08% MERVAL 3,156,991 ▼ 0.89% COLCAP 2,282.71 ▼ 0.11% BVL PERÚ 57,220.16 — — USD/BRL5.11▲ 0.18% USD/MXN17.51▲ 0.51% USD/CLP934.81▲ 1.06% USD/COP3,269▲ 1.16% USD/PEN3.40▲ 0.64% USD/ARS1,481▲ 0.34% USD/UYU40.23▲ 1.74% USD/PYG6,032▲ 1.81% USD/BOB10.65▲ 4.37% USD/DOP58.24▲ 1.37% USD/CRC446.12▲ 1.44% USD/GTQ7.62▲ 2.73% USD/HNL26.73▲ 1.94% USD/NIO36.62▲ 1.17% USD/VES730.65▲ 0.57% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59▲ 0.87% USD/TTD6.74▲ 1.70% EUR/BRL5.84▲ 0.17% BRENT 87.37 ▲ 3.73% WTI 81.32 ▲ 3.00% IRON ORE 161.91 — — COPPER 6.27 ▼ 0.35% GOLD 4,023 ▲ 0.94% SILVER 56.27 ▲ 0.66% SOY 1,202 ▲ 0.56% CORN 465.50 ▲ 5.44% WHEAT 679.50 ▲ 0.70% COFFEE 320.20 ▼ 0.34% SUGAR 14.89 ▲ 3.12% ORANGE JUICE 142.05 ▲ 6.17% COTTON 78.93 ▲ 1.60% COCOA 5,580 ▲ 6.98% BEEF 221.10 ▼ 2.63% CATTLE 338.18 ▼ 2.43% LITHIUM 68.43 ▼ 0.63% PETR4 40.92 ▲ 2.58% VALE3 73.07 ▲ 0.12% ITUB4 42.26 ▼ 0.68% BBDC4 18.44 ▲ 0.16% ABEV3 15.66 ▲ 0.38% BBAS3 20.57 ▼ 0.92% B3SA3 15.29 ▼ 0.65% WEGE3 43.62 ▲ 0.30% PRIO3 57.62 ▲ 1.46% SUZB3 42.03 ▲ 0.79% RENT3 38.37 ▼ 1.26% AZZA3 18.43 ▼ 0.54% CSAN3 3.89 ▲ 0.26% RAIZ4 0.28 ▼ 3.45% PCAR3 2.53 ▼ 2.32% GMAT3 3.86 ▼ 1.53% PSSA3 55.04 ▼ 0.33% CVCB3 1.29 ▼ 4.44% POSI3 3.85 ▼ 0.77% SLCE3 13.53 ▼ 0.59% NATU3 8.53 ▼ 0.35% BRKM5 6.15 ▲ 0.82% RANI3 7.98 ▼ 1.24% CSNA3 5.08 ▼ 0.39% CMIN3 5.29 ▼ 2.94% USIM5 8.12 ▲ 2.78% GGBR4 24.19 ▲ 1.17% ENEV3 25.96 ▲ 0.04% CPFE3 47.28 ▲ 0.19% CMIG4 11.21 ▲ 1.08% EQTL3 39.88 ▲ 0.08% LREN3 13.46 ▼ 1.39% VIVT3 35.83 ▲ 1.01% RAIL3 13.80 ▼ 0.93% KLABIN 17.47 ▲ 0.63% RAIA DROGASIL 18.44 ▼ 0.43% RDOR3 35.76 ▼ 0.31% HAPV3 11.33 ▲ 3.47% FLRY3 16.67 ▲ 1.52% SMTO3 15.64 ▼ 0.51% UGPA3 31.92 ▼ 0.22% VBBR3 34.56 ▲ 0.55% BBSE3 41.04 ▼ 0.34% BPAC11 56.63 ▲ 0.07% CURY3 31.25 ▼ 0.13% AERI3 2.04 ▲ 0.99% VIVARA 23.17 ▼ 0.77% COMPASS 24.97 ▲ 0.24% VAMOS 3.23 ▲ 2.22% SANB11 26.87 ▲ 0.15% ASAI3 8.42 ▼ 1.64% SBSP3 29.50 ▲ 0.68% WALMEX 49.88 ▲ 0.65% GMEXICO 201.57 ▲ 1.17% FEMSA 225.37 ▲ 0.14% CEMEX 22.70 ▼ 0.35% GFNORTE 179.57 ▼ 0.45% BIMBO 59.31 ▲ 2.40% TELEVISA 9.64 ▲ 1.37% AMX 23.27 ▲ 2.15% GAP 388.76 ▼ 0.77% ASUR 279.09 ▼ 0.66% OMA 231.74 ▼ 0.58% KOF 180.90 ▲ 1.08% GRUMA 286.94 ▲ 0.20% KIMBER 38.91 ▲ 0.34% SQM-B 63,931 ▼ 3.21% COPEC 6,123 ▼ 0.06% BSANTANDER 76.84 ▼ 1.69% FALABELLA 5,889 ▲ 0.61% ENELAM 84.16 ▼ 0.75% CENCOSUD 2,003 ▼ 0.11% CMPC 1,073 ▼ 0.09% BANCO CHILE 186.38 ▼ 1.32% LATAM AIR 24.70 ▼ 2.76% YPF 77,800 ▲ 2.27% GGAL 7,780 ▼ 1.08% PAMPA 5,205 ▲ 1.86% TXAR 659.50 ▼ 0.38% ALUAR 939.00 ▼ 0.11% TGS 9,435 ▲ 0.53% CEPU 2,261 ▲ 0.04% MIRGOR 16,725 ▼ 0.15% COME 43.65 ▼ 1.82% LOMA NEGRA 3,540 ▼ 0.49% BYMA 300.25 ▼ 0.41% TELECOM ARG 4,170 ▼ 0.24% ECOPETROL 15.98 ▲ 1.14% BANCOLOMBIA 79.83 ▲ 0.45% GRUPO AVAL 4.99 ▲ 0.40% CREDICORP 390.15 ▲ 0.70% SOUTHERN COPPER 176.67 ▲ 0.58% BUENAVENTURA 30.49 ▲ 1.04% MERCADOLIBRE 1,819 ▼ 2.06% NUBANK 13.66 ▼ 0.98% XP 16.90 ▲ 1.32% PAGSEGURO 9.13 ▼ 0.27% STONE 11.14 ▼ 0.58% GLOBANT 32.25 ▲ 0.16% TECNOGLASS 45.68 ▼ 2.46% GAP AIRPORT 222.43 ▼ 1.26% ASUR 279.09 ▼ 0.66% OMA AIRPORT 106.03 ▼ 1.10% AMX ADR 26.52 ▲ 1.45% FEMSA ADR 128.75 ▼ 0.57% CEMEX ADR 12.99 ▼ 0.84% PETROBRAS ADR 17.93 ▲ 2.60% VALE ADR 14.28 ▲ 0.42% ITAU ADR 8.27 ▼ 0.42% SANTANDER BR 5.28 ▼ 0.19% AMBEV ADR 3.05 ▼ 0.16% CSN 1.00 — 0.00% GERDAU 4.77 ▲ 1.06% LATAM ADR 53.20 ▲ 0.04% BTC 63,292 ▼ 0.78% ETH 1,830 ▼ 1.80% SOL 74.60 ▼ 0.89% XRP 1.08 ▼ 0.38% BNB 562.51 ▼ 1.69% ADA 0.16 ▲ 1.82% DOGE 0.07 ▼ 0.31% AVAX 6.49 ▼ 0.25% LINK 8.18 ▼ 1.87% DOT 0.85 ▼ 0.67% LTC 44.75 ▼ 0.43% BCH 216.51 ▼ 2.30% TRX 0.32 ▼ 0.06% XLM 0.19 ▲ 0.49% HBAR 0.07 ▼ 0.78% NEAR 1.92 ▼ 2.57% ATOM 1.51 ▲ 0.29% AAVE 91.12 ▼ 0.01% SELIC 14.25% EMBRAER 82.76 ▲ 1.21% EMBRAER ADR 64.69 ▲ 0.49% JBS 11.93 ▼ 0.83% JBS BDR 60.85 ▼ 1.06% MBRF3 15.21 ▼ 0.52% MBRFY 3.00 ▲ 2.39% INTER 5.42 ▼ 2.17% EGX 52,928 ▲ 0.70% USD/ZAR16.51▲ 0.50% USD/NGN1,378▼ 0.20% NIKKEI 64,141 ▼ 4.03% CSI300 4,529 ▼ 3.60% HSI 24,562 ▼ 1.78% NIFTY 24,334 ▲ 1.09% KOSPI 6,821 ▼ 6.37% JCI 6,176 ▲ 1.10% USD/JPY162.48▲ 0.05% USD/CNY6.77▼ 0.12% DAX 24,831 ▼ 0.34% CAC 8,339 ▼ 0.47% FTSE 10,600 ▲ 0.27% MIB 51,882 ▼ 0.94% IBEX 19,217 ▼ 0.45% STOXX 641.53 ▼ 0.34% EUR/USD1.14▲ 0.01% GBP/USD1.35▼ 0.66% SPX 7,495 ▼ 0.51% DJI 52,530 ▼ 0.04% NDX 28,761 ▼ 0.91% RUT 2,958 ▼ 0.56% TSX 35,344 ▲ 0.01% VIX 18.06 ▲ 7.95% USD/CAD1.40▼ 0.25% US10Y 4.5370 ▼ 0.70% IBOV 174,301.07 ▲ 0.27% IPSA 10,862.83 ▼ 0.77% IPC MEX 66,358.81 ▼ 0.08% MERVAL 3,156,991 ▼ 0.89% COLCAP 2,282.71 ▼ 0.11% BVL PERÚ 57,220.16 — — USD/BRL 5.11 ▲ 0.17% USD/MXN 17.51 ▲ 0.51% USD/CLP 934.81 ▲ 1.06% USD/COP 3,269 ▲ 1.16% USD/PEN 3.40 ▲ 0.64% USD/ARS 1,480 ▲ 0.31% USD/UYU 40.23 ▲ 1.74% USD/PYG 6,032 ▲ 1.81% USD/BOB 10.65 ▲ 4.37% USD/DOP 58.24 ▲ 1.37% USD/CRC 446.12 ▲ 1.44% USD/GTQ 7.62 ▲ 2.73% USD/HNL 26.73 ▲ 1.94% USD/NIO 36.62 ▲ 1.17% USD/VES 730.65 ▲ 0.57% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.87% USD/TTD 6.74 ▲ 1.70% EUR/BRL 5.84 ▲ 0.17% BRENT 87.37 ▲ 3.73% WTI 81.32 ▲ 3.00% IRON ORE 161.91 — — COPPER 6.27 ▼ 0.35% GOLD 4,023 ▲ 0.94% SILVER 56.27 ▲ 0.66% SOY 1,202 ▲ 0.56% CORN 465.50 ▲ 5.44% WHEAT 679.50 ▲ 0.70% COFFEE 320.20 ▼ 0.34% SUGAR 14.89 ▲ 3.12% ORANGE JUICE 142.05 ▲ 6.17% COTTON 78.93 ▲ 1.60% COCOA 5,580 ▲ 6.98% BEEF 221.10 ▼ 2.63% CATTLE 338.18 ▼ 2.43% LITHIUM 68.43 ▼ 0.63% PETR4 40.92 ▲ 2.58% VALE3 73.07 ▲ 0.12% ITUB4 42.26 ▼ 0.68% BBDC4 18.44 ▲ 0.16% ABEV3 15.66 ▲ 0.38% BBAS3 20.57 ▼ 0.92% B3SA3 15.29 ▼ 0.65% WEGE3 43.62 ▲ 0.30% PRIO3 57.62 ▲ 1.46% SUZB3 42.03 ▲ 0.79% RENT3 38.37 ▼ 1.26% AZZA3 18.43 ▼ 0.54% CSAN3 3.89 ▲ 0.26% RAIZ4 0.28 ▼ 3.45% PCAR3 2.53 ▼ 2.32% GMAT3 3.86 ▼ 1.53% PSSA3 55.04 ▼ 0.33% CVCB3 1.29 ▼ 4.44% POSI3 3.85 ▼ 0.77% SLCE3 13.53 ▼ 0.59% NATU3 8.53 ▼ 0.35% BRKM5 6.15 ▲ 0.82% RANI3 7.98 ▼ 1.24% CSNA3 5.08 ▼ 0.39% CMIN3 5.29 ▼ 2.94% USIM5 8.12 ▲ 2.78% GGBR4 24.19 ▲ 1.17% ENEV3 25.96 ▲ 0.04% CPFE3 47.28 ▲ 0.19% CMIG4 11.21 ▲ 1.08% EQTL3 39.88 ▲ 0.08% LREN3 13.46 ▼ 1.39% VIVT3 35.83 ▲ 1.01% RAIL3 13.80 ▼ 0.93% KLABIN 17.47 ▲ 0.63% RAIA DROGASIL 18.44 ▼ 0.43% RDOR3 35.76 ▼ 0.31% HAPV3 11.33 ▲ 3.47% FLRY3 16.67 ▲ 1.52% SMTO3 15.64 ▼ 0.51% UGPA3 31.92 ▼ 0.22% VBBR3 34.56 ▲ 0.55% BBSE3 41.04 ▼ 0.34% BPAC11 56.63 ▲ 0.07% CURY3 31.25 ▼ 0.13% AERI3 2.04 ▲ 0.99% VIVARA 23.17 ▼ 0.77% COMPASS 24.97 ▲ 0.24% VAMOS 3.23 ▲ 2.22% SANB11 26.87 ▲ 0.15% ASAI3 8.42 ▼ 1.64% SBSP3 29.50 ▲ 0.68% WALMEX 49.88 ▲ 0.65% GMEXICO 201.57 ▲ 1.17% FEMSA 225.37 ▲ 0.14% CEMEX 22.70 ▼ 0.35% GFNORTE 179.57 ▼ 0.45% BIMBO 59.31 ▲ 2.40% TELEVISA 9.64 ▲ 1.37% AMX 23.27 ▲ 2.15% GAP 388.76 ▼ 0.77% ASUR 279.09 ▼ 0.66% OMA 231.74 ▼ 0.58% KOF 180.90 ▲ 1.08% GRUMA 286.94 ▲ 0.20% KIMBER 38.91 ▲ 0.34% SQM-B 63,931 ▼ 3.21% COPEC 6,123 ▼ 0.06% BSANTANDER 76.84 ▼ 1.69% FALABELLA 5,889 ▲ 0.61% ENELAM 84.16 ▼ 0.75% CENCOSUD 2,003 ▼ 0.11% CMPC 1,073 ▼ 0.09% BANCO CHILE 186.38 ▼ 1.32% LATAM AIR 24.70 ▼ 2.76% YPF 77,800 ▲ 2.27% GGAL 7,780 ▼ 1.08% PAMPA 5,205 ▲ 1.86% TXAR 659.50 ▼ 0.38% ALUAR 939.00 ▼ 0.11% TGS 9,435 ▲ 0.53% CEPU 2,261 ▲ 0.04% MIRGOR 16,725 ▼ 0.15% COME 43.65 ▼ 1.82% LOMA NEGRA 3,540 ▼ 0.49% BYMA 300.25 ▼ 0.41% TELECOM ARG 4,170 ▼ 0.24% ECOPETROL 15.98 ▲ 1.14% BANCOLOMBIA 79.83 ▲ 0.45% GRUPO AVAL 4.99 ▲ 0.40% CREDICORP 390.15 ▲ 0.70% SOUTHERN COPPER 176.67 ▲ 0.58% BUENAVENTURA 30.49 ▲ 1.04% MERCADOLIBRE 1,819 ▼ 2.06% NUBANK 13.66 ▼ 0.98% XP 16.90 ▲ 1.32% PAGSEGURO 9.13 ▼ 0.27% STONE 11.14 ▼ 0.58% GLOBANT 32.25 ▲ 0.16% TECNOGLASS 45.68 ▼ 2.46% GAP AIRPORT 222.43 ▼ 1.26% ASUR 279.09 ▼ 0.66% OMA AIRPORT 106.03 ▼ 1.10% AMX ADR 26.52 ▲ 1.45% FEMSA ADR 128.75 ▼ 0.57% CEMEX ADR 12.99 ▼ 0.84% PETROBRAS ADR 17.93 ▲ 2.60% VALE ADR 14.28 ▲ 0.42% ITAU ADR 8.27 ▼ 0.42% SANTANDER BR 5.28 ▼ 0.19% AMBEV ADR 3.05 ▼ 0.16% CSN 1.00 — 0.00% GERDAU 4.77 ▲ 1.06% LATAM ADR 53.20 ▲ 0.04% BTC 63,292 ▼ 0.78% ETH 1,830 ▼ 1.80% SOL 74.60 ▼ 0.89% XRP 1.08 ▼ 0.38% BNB 562.51 ▼ 1.69% ADA 0.16 ▲ 1.82% DOGE 0.07 ▼ 0.31% AVAX 6.49 ▼ 0.25% LINK 8.18 ▼ 1.87% DOT 0.85 ▼ 0.67% LTC 44.75 ▼ 0.43% BCH 216.51 ▼ 2.30% TRX 0.32 ▼ 0.06% XLM 0.19 ▲ 0.49% HBAR 0.07 ▼ 0.78% NEAR 1.92 ▼ 2.57% ATOM 1.51 ▲ 0.29% AAVE 91.12 ▼ 0.01% SELIC 14.25% EMBRAER 82.76 ▲ 1.21% EMBRAER ADR 64.69 ▲ 0.49% JBS 11.93 ▼ 0.83% JBS BDR 60.85 ▼ 1.06% MBRF3 15.21 ▼ 0.52% MBRFY 3.00 ▲ 2.39% INTER 5.42 ▼ 2.17% EGX 52,928 ▲ 0.70% USD/ZAR 16.50 ▲ 0.71% USD/NGN 1,378 ▲ 0.02% NIKKEI 64,141 ▼ 4.03% CSI300 4,529 ▼ 3.60% HSI 24,562 ▼ 1.78% NIFTY 24,334 ▲ 1.09% KOSPI 6,821 ▼ 6.37% JCI 6,176 ▲ 1.10% USD/JPY 162.43 ▲ 0.06% USD/CNY 6.7755 ▲ 0.18% DAX 24,831 ▼ 0.34% CAC 8,339 ▼ 0.47% FTSE 10,600 ▲ 0.27% MIB 51,882 ▼ 0.94% IBEX 19,217 ▼ 0.45% STOXX 641.53 ▼ 0.34% EUR/USD 1.1443 ▼ 0.01% GBP/USD 1.3446 ▼ 0.25% SPX 7,495 ▼ 0.51% DJI 52,530 ▼ 0.04% NDX 28,761 ▼ 0.91% RUT 2,958 ▼ 0.56% TSX 35,344 ▲ 0.01% VIX 18.06 ▲ 7.95% USD/CAD 1.4016 ▼ 0.16% US10Y 4.5370 ▼ 0.70%
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Friday, July 17, 2026

Brazil’s Political Earthquake: The Left Loses Its Heartland

By · February 2, 2026 · 2 min read

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Key Points:

  • Brazil’s ruling Workers’ Party faces potential collapse across its historic Northeast stronghold, where support has cratered from controlling 90% of the region in 2018 to possibly just 23% by year’s end.
  • Pragmatic centrist parties now lead polling in states the left has governed for decades, signaling a fundamental shift in how Brazil’s poorest but politically crucial region votes.
  • President Lula must personally intervene state-by-state to salvage alliances and rescue trailing candidates, exposing how dependent his party has become on his individual appeal rather than institutional strength.

For two decades, Brazil’s impoverished Northeast has functioned as the Workers’ Party’s unshakeable foundation—the nine-state region where President Luiz Inácio Lula da Silva’s charisma and social programs built seemingly permanent loyalty. That era appears finished.

New polling reveals a stunning reversal. In Bahia, governed by the PT since 2007, opposition candidate ACM Neto leads the incumbent governor by nine points. Maranhão shows the PT vice governor trapped at 7% while a centrist mayor commands 43%.

Even Ceará, once reliable territory, now tilts toward former Lula ally Ciro Gomes, who broke ranks and threatens the party’s candidate. The numbers tell a brutal story.

Brazil’s Political Earthquake: The Left Loses Its Heartland. (Photo Internet reproduction)
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In 2018, leftist parties governed states containing 90% of Northeastern voters. By 2022, that fell to 74%. Current projections suggest it could plummet to 23%—the worst performance since Lula first won the presidency in 2002.

What changed? The Northeast has urbanized rapidly, and voters increasingly prioritize bread-and-butter issues over ideology. Rising food costs, inadequate public services, and security concerns now drive decisions more than historical party allegiance.

Meanwhile, pragmatic centrist parties—PSD, MDB, União Brasil—have learned to deliver tangible results without the ideological baggage.

This matters globally because Brazil’s Northeast, with 57 million people, shapes national elections. Lula won his current term largely on overwhelming Northeastern support that offset losses elsewhere.

If that advantage evaporates, Brazil’s political landscape transforms entirely. The country that elected Latin America‘s most prominent leftist leader could swing decisively toward the center and right.

The PT now depends desperately on Lula’s personal intervention—visiting states, brokering backroom deals, campaigning for unknown candidates.

One state president admits plainly: “We trust in Lula’s strength.” But this reveals dangerous institutional weakness. The party survives on one man’s popularity rather than genuine grassroots organization.

Only Piauí offers comfort, where the PT governor enjoys 67% approval. Elsewhere, the pattern holds: voters remember Lula fondly but show little enthusiasm for his party’s candidates. Brazil’s left built a personality cult, not a movement. Now it’s paying the price.

Related coverage: Brazil’s Morning Call | Brazil’s Factory Downturn Deepens as Tariffs, High Rates and This is part of The Rio Times’ daily coverage of Brazil affairs and Latin American financial news.

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