IBOV 170,507 ▼ 0.44% IPSA 10,675 ▼ 0.88% IPC MEX 66,278 ▼ 0.85% MERVAL 3,110,490 ▼ 4.25% COLCAP 2,270.97 ▼ 3.24% BVL PERÚ 54,833.60 ▼ 1.48% USD/BRL5.20▲ 0.05% USD/MXN17.61▲ 0.01% USD/CLP919.04▼ 0.01% USD/COP3,426▼ 0.08% USD/PEN3.42▼ 0.06% USD/ARS1,479▼ 0.02% USD/UYU40.11▲ 1.12% USD/PYG6,080▲ 1.43% USD/BOB6.85▲ 1.67% USD/DOP58.74▲ 1.38% USD/CRC452.10▲ 2.23% USD/GTQ7.62▲ 2.07% USD/HNL26.69▲ 1.22% USD/NIO36.62▲ 0.54% USD/VES619.98▲ 5.68% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD156.69▲ 0.35% USD/TTD6.75▲ 1.18% EUR/BRL5.90▼ 0.12% BRENT 72.96 ▼ 1.06% WTI 69.51 ▼ 1.18% IRON ORE 161.91 — — COPPER 6.09 ▲ 2.50% GOLD 4,003 ▲ 0.33% SILVER 57.40 ▼ 1.12% SOY 1,139 ▲ 2.68% CORN 435.25 ▲ 6.94% WHEAT 596.75 ▲ 1.88% COFFEE 281.90 ▼ 3.31% SUGAR 14.06 ▲ 4.77% ORANGE JUICE 146.40 ▼ 1.81% COTTON 76.97 ▲ 6.77% COCOA 5,201 ▲ 6.10% BEEF 246.65 ▼ 3.33% CATTLE 373.23 ▲ 1.38% LITHIUM 78.91 ▲ 0.61% PETR4 38.29 ▼ 2.64% VALE3 77.73 ▼ 2.08% ITUB4 40.97 ▼ 0.19% BBDC4 17.65 ▼ 1.07% ABEV3 16.38 ▲ 0.06% BBAS3 19.73 ▼ 0.65% B3SA3 15.03 ▲ 2.11% WEGE3 46.61 ▲ 1.97% PRIO3 54.10 ▼ 3.57% SUZB3 42.20 ▲ 0.60% RENT3 41.76 ▼ 0.05% AZZA3 19.31 ▼ 3.93% CSAN3 3.70 ▼ 1.33% RAIZ4 0.42 — 0.00% PCAR3 2.11 ▲ 1.44% GMAT3 3.82 ▼ 0.52% PSSA3 52.38 ▲ 0.36% CVCB3 1.42 ▲ 7.58% POSI3 3.94 ▲ 2.07% SLCE3 13.37 ▼ 0.67% NATU3 7.81 ▲ 1.17% BRKM5 7.62 ▲ 0.26% RANI3 7.79 ▲ 2.10% CSNA3 5.06 ▼ 3.98% CMIN3 4.27 ▼ 0.23% USIM5 8.68 ▲ 0.23% GGBR4 21.38 ▼ 1.47% ENEV3 25.94 ▲ 2.94% NEOE3 33.80 — 0.00% CPFE3 44.37 ▲ 0.57% CMIG4 10.72 ▼ 0.46% EQTL3 38.00 ▼ 0.52% LREN3 14.50 ▲ 1.32% VIVT3 34.25 ▼ 0.09% RAIL3 12.98 ▲ 0.62% KLABIN 16.85 ▲ 0.24% RAIA DROGASIL 17.08 ▲ 0.47% RDOR3 34.10 ▼ 0.70% HAPV3 10.17 ▼ 1.07% FLRY3 15.16 ▲ 0.60% SMTO3 14.72 ▼ 0.34% UGPA3 25.32 ▼ 0.67% VBBR3 29.11 ▼ 0.95% BBSE3 38.68 ▲ 1.07% BPAC11 53.66 ▲ 1.63% CURY3 34.96 ▲ 1.84% AERI3 2.06 ▼ 3.29% VIVARA 22.65 ▲ 3.52% COMPASS 24.90 ▼ 0.80% VAMOS 2.77 ▼ 1.42% SANB11 26.38 ▼ 1.38% ASAI3 8.27 ▲ 4.16% SBSP3 28.47 ▲ 1.10% WALMEX 51.48 ▲ 1.30% GMEXICO 196.64 ▼ 4.50% FEMSA 216.27 ▼ 3.00% CEMEX 21.12 ▼ 1.03% GFNORTE 182.16 ▼ 1.41% BIMBO 55.21 ▼ 1.22% TELEVISA 9.69 ▲ 2.22% AMX 23.00 ▲ 1.28% GAP 432.95 ▲ 0.98% ASUR 302.31 ▲ 2.13% OMA 236.88 ▲ 0.31% KOF 184.34 ▼ 1.66% GRUMA 280.84 ▲ 0.37% KIMBER 37.23 ▲ 0.27% SQM-B 69,500 ▼ 0.93% COPEC 5,830 ▼ 2.30% BSANTANDER 72.01 ▼ 1.36% FALABELLA 5,560 ▼ 2.22% ENELAM 81.76 ▼ 1.26% CENCOSUD 2,111 ▼ 2.22% CMPC 1,036 ▼ 0.71% BANCO CHILE 175.02 ▼ 1.73% LATAM AIR 26.11 ▲ 3.00% YPF 70,800 ▼ 5.22% GGAL 7,625 ▼ 4.21% PAMPA 4,970 ▼ 2.93% TXAR 665.50 ▼ 2.28% ALUAR 1,027 ▼ 0.58% TGS 9,130 ▼ 3.49% CEPU 2,206 ▼ 5.93% MIRGOR 16,075 ▼ 2.13% COME 42.02 ▼ 5.02% LOMA NEGRA 3,573 ▼ 5.74% BYMA 309.00 ▼ 2.98% TELECOM ARG 3,953 ▼ 1.80% ECOPETROL 14.59 ▼ 5.93% BANCOLOMBIA 79.28 ▼ 2.09% GRUPO AVAL 5.18 ▼ 2.63% CREDICORP 376.49 ▲ 2.09% SOUTHERN COPPER 171.84 ▼ 3.77% BUENAVENTURA 29.75 ▼ 4.03% MERCADOLIBRE 1,660 ▲ 4.79% NUBANK 12.46 ▼ 1.03% XP 15.56 ▼ 1.02% PAGSEGURO 8.77 ▲ 0.11% STONE 10.82 ▲ 0.93% GLOBANT 29.12 ▼ 0.55% TECNOGLASS 45.31 ▼ 0.15% GAP AIRPORT 245.58 ▲ 0.61% ASUR 302.31 ▲ 2.13% OMA AIRPORT 107.65 ▼ 0.01% AMX ADR 25.99 ▲ 0.54% FEMSA ADR 123.08 ▼ 3.17% CEMEX ADR 12.02 ▼ 1.15% PETROBRAS ADR 16.45 ▼ 3.41% VALE ADR 14.84 ▼ 3.07% ITAU ADR 7.88 — 0.00% SANTANDER BR 5.14 ▼ 2.28% AMBEV ADR 3.13 ▼ 0.95% CSN 0.98 ▼ 5.67% GERDAU 4.09 ▼ 1.92% LATAM ADR 57.05 ▲ 2.35% BTC 61,561 ▲ 0.93% ETH 1,645 ▲ 1.55% SOL 68.66 ▲ 1.00% XRP 1.08 ▲ 0.58% BNB 567.34 ▲ 0.63% ADA 0.15 ▲ 0.67% DOGE 0.08 ▲ 0.93% AVAX 6.48 ▲ 0.55% LINK 7.47 ▲ 0.79% DOT 0.88 ▼ 0.17% LTC 41.75 ▲ 1.77% BCH 194.68 ▲ 2.43% TRX 0.33 ▲ 0.60% XLM 0.18 ▼ 0.51% HBAR 0.07 ▼ 2.41% NEAR 1.94 ▼ 0.96% ATOM 1.66 ▲ 0.51% AAVE 81.98 ▲ 2.97% SELIC 14.25% EMBRAER 79.98 ▲ 1.86% EMBRAER ADR 61.67 ▲ 0.97% JBS 12.19 ▼ 0.33% JBS BDR 63.49 ▲ 1.10% MBRF3 16.14 ▼ 3.93% MBRFY 3.05 ▼ 2.97% INTER 5.29 ▼ 0.84% EGX 51,417 ▼ 0.57% USD/ZAR 16.54 — 0.00% USD/NGN 1,371 — 0.00% NIKKEI 72,366 ▲ 4.61% CSI300 5,020 ▲ 1.56% HSI 23,077 ▼ 1.43% NIFTY 24,053 ▲ 0.13% KOSPI 8,930 ▲ 5.42% JCI 5,999 ▲ 1.96% USD/JPY161.81▲ 0.01% USD/CNY6.79▼ 0.36% DAX 24,901 ▲ 0.65% CAC 8,419 ▲ 0.40% FTSE 10,485 ▲ 0.22% MIB 51,759 ▲ 0.23% IBEX 19,417 ▲ 0.14% STOXX 638.65 ▲ 0.55% EUR/USD1.14▼ 0.01% GBP/USD1.32▼ 0.18% SPX 7,358 ▼ 0.10% DJI 51,849 ▲ 0.35% NDX 29,220 ▼ 0.43% RUT 2,987 ▲ 0.37% TSX 34,736 ▼ 0.55% VIX 18.02 ▼ 3.27% USD/CAD1.42▼ 0.01% US10Y 4.4020 ▼ 2.03% IBOV 170,507 ▼ 0.44% IPSA 10,675 ▼ 0.88% IPC MEX 66,278 ▼ 0.85% MERVAL 3,110,490 ▼ 4.25% COLCAP 2,270.97 ▼ 3.24% BVL PERÚ 54,833.60 ▼ 1.48% USD/BRL 5.20 ▲ 0.05% USD/MXN 17.61 ▲ 0.01% USD/CLP 919.04 ▼ 0.01% USD/COP 3,426 ▼ 0.08% USD/PEN 3.42 ▼ 0.06% USD/ARS 1,479 ▼ 0.02% USD/UYU 40.11 ▲ 1.12% USD/PYG 6,080 ▲ 1.43% USD/BOB 6.85 ▲ 1.29% USD/DOP 58.74 ▲ 1.38% USD/CRC 452.10 ▲ 2.23% USD/GTQ 7.62 ▲ 2.07% USD/HNL 26.69 ▲ 1.22% USD/NIO 36.62 ▲ 0.54% USD/VES 619.98 ▲ 5.68% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 156.69 ▲ 0.35% USD/TTD 6.75 ▲ 1.18% EUR/BRL 5.90 ▼ 0.12% BRENT 72.96 ▼ 1.06% WTI 69.51 ▼ 1.18% IRON ORE 161.91 — — COPPER 6.09 ▲ 2.50% GOLD 4,003 ▲ 0.33% SILVER 57.40 ▼ 1.12% SOY 1,139 ▲ 2.68% CORN 435.25 ▲ 6.94% WHEAT 596.75 ▲ 1.88% COFFEE 281.90 ▼ 3.31% SUGAR 14.06 ▲ 4.77% ORANGE JUICE 146.40 ▼ 1.81% COTTON 76.97 ▲ 6.77% COCOA 5,201 ▲ 6.10% BEEF 246.65 ▼ 3.33% CATTLE 373.23 ▲ 1.38% LITHIUM 78.91 ▲ 0.61% PETR4 38.29 ▼ 2.64% VALE3 77.73 ▼ 2.08% ITUB4 40.97 ▼ 0.19% BBDC4 17.65 ▼ 1.07% ABEV3 16.38 ▲ 0.06% BBAS3 19.73 ▼ 0.65% B3SA3 15.03 ▲ 2.11% WEGE3 46.61 ▲ 1.97% PRIO3 54.10 ▼ 3.57% SUZB3 42.20 ▲ 0.60% RENT3 41.76 ▼ 0.05% AZZA3 19.31 ▼ 3.93% CSAN3 3.70 ▼ 1.33% RAIZ4 0.42 — 0.00% PCAR3 2.11 ▲ 1.44% GMAT3 3.82 ▼ 0.52% PSSA3 52.38 ▲ 0.36% CVCB3 1.42 ▲ 7.58% POSI3 3.94 ▲ 2.07% SLCE3 13.37 ▼ 0.67% NATU3 7.81 ▲ 1.17% BRKM5 7.62 ▲ 0.26% RANI3 7.79 ▲ 2.10% CSNA3 5.06 ▼ 3.98% CMIN3 4.27 ▼ 0.23% USIM5 8.68 ▲ 0.23% GGBR4 21.38 ▼ 1.47% ENEV3 25.94 ▲ 2.94% NEOE3 33.80 — 0.00% CPFE3 44.37 ▲ 0.57% CMIG4 10.72 ▼ 0.46% EQTL3 38.00 ▼ 0.52% LREN3 14.50 ▲ 1.32% VIVT3 34.25 ▼ 0.09% RAIL3 12.98 ▲ 0.62% KLABIN 16.85 ▲ 0.24% RAIA DROGASIL 17.08 ▲ 0.47% RDOR3 34.10 ▼ 0.70% HAPV3 10.17 ▼ 1.07% FLRY3 15.16 ▲ 0.60% SMTO3 14.72 ▼ 0.34% UGPA3 25.32 ▼ 0.67% VBBR3 29.11 ▼ 0.95% BBSE3 38.68 ▲ 1.07% BPAC11 53.66 ▲ 1.63% CURY3 34.96 ▲ 1.84% AERI3 2.06 ▼ 3.29% VIVARA 22.65 ▲ 3.52% COMPASS 24.90 ▼ 0.80% VAMOS 2.77 ▼ 1.42% SANB11 26.38 ▼ 1.38% ASAI3 8.27 ▲ 4.16% SBSP3 28.47 ▲ 1.10% WALMEX 51.48 ▲ 1.30% GMEXICO 196.64 ▼ 4.50% FEMSA 216.27 ▼ 3.00% CEMEX 21.12 ▼ 1.03% GFNORTE 182.16 ▼ 1.41% BIMBO 55.21 ▼ 1.22% TELEVISA 9.69 ▲ 2.22% AMX 23.00 ▲ 1.28% GAP 432.95 ▲ 0.98% ASUR 302.31 ▲ 2.13% OMA 236.88 ▲ 0.31% KOF 184.34 ▼ 1.66% GRUMA 280.84 ▲ 0.37% KIMBER 37.23 ▲ 0.27% SQM-B 69,500 ▼ 0.93% COPEC 5,830 ▼ 2.30% BSANTANDER 72.01 ▼ 1.36% FALABELLA 5,560 ▼ 2.22% ENELAM 81.76 ▼ 1.26% CENCOSUD 2,111 ▼ 2.22% CMPC 1,036 ▼ 0.71% BANCO CHILE 175.02 ▼ 1.73% LATAM AIR 26.11 ▲ 3.00% YPF 70,800 ▼ 5.22% GGAL 7,625 ▼ 4.21% PAMPA 4,970 ▼ 2.93% TXAR 665.50 ▼ 2.28% ALUAR 1,027 ▼ 0.58% TGS 9,130 ▼ 3.49% CEPU 2,206 ▼ 5.93% MIRGOR 16,075 ▼ 2.13% COME 42.02 ▼ 5.02% LOMA NEGRA 3,573 ▼ 5.74% BYMA 309.00 ▼ 2.98% TELECOM ARG 3,953 ▼ 1.80% ECOPETROL 14.59 ▼ 5.93% BANCOLOMBIA 79.28 ▼ 2.09% GRUPO AVAL 5.18 ▼ 2.63% CREDICORP 376.49 ▲ 2.09% SOUTHERN COPPER 171.84 ▼ 3.77% BUENAVENTURA 29.75 ▼ 4.03% MERCADOLIBRE 1,660 ▲ 4.79% NUBANK 12.46 ▼ 1.03% XP 15.56 ▼ 1.02% PAGSEGURO 8.77 ▲ 0.11% STONE 10.82 ▲ 0.93% GLOBANT 29.12 ▼ 0.55% TECNOGLASS 45.31 ▼ 0.15% GAP AIRPORT 245.58 ▲ 0.61% ASUR 302.31 ▲ 2.13% OMA AIRPORT 107.65 ▼ 0.01% AMX ADR 25.99 ▲ 0.54% FEMSA ADR 123.08 ▼ 3.17% CEMEX ADR 12.02 ▼ 1.15% PETROBRAS ADR 16.45 ▼ 3.41% VALE ADR 14.84 ▼ 3.07% ITAU ADR 7.88 — 0.00% SANTANDER BR 5.14 ▼ 2.28% AMBEV ADR 3.13 ▼ 0.95% CSN 0.98 ▼ 5.67% GERDAU 4.09 ▼ 1.92% LATAM ADR 57.05 ▲ 2.35% BTC 61,561 ▲ 0.93% ETH 1,645 ▲ 1.55% SOL 68.66 ▲ 1.00% XRP 1.08 ▲ 0.58% BNB 567.34 ▲ 0.63% ADA 0.15 ▲ 0.67% DOGE 0.08 ▲ 0.93% AVAX 6.48 ▲ 0.55% LINK 7.47 ▲ 0.79% DOT 0.88 ▼ 0.17% LTC 41.75 ▲ 1.77% BCH 194.68 ▲ 2.43% TRX 0.33 ▲ 0.60% XLM 0.18 ▼ 0.51% HBAR 0.07 ▼ 2.41% NEAR 1.94 ▼ 0.96% ATOM 1.66 ▲ 0.51% AAVE 81.98 ▲ 2.97% SELIC 14.25% EMBRAER 79.98 ▲ 1.86% EMBRAER ADR 61.67 ▲ 0.97% JBS 12.19 ▼ 0.33% JBS BDR 63.49 ▲ 1.10% MBRF3 16.14 ▼ 3.93% MBRFY 3.05 ▼ 2.97% INTER 5.29 ▼ 0.84% EGX 51,417 ▼ 0.57% USD/ZAR 16.54 — 0.00% USD/NGN 1,371 — 0.00% NIKKEI 72,366 ▲ 4.61% CSI300 5,020 ▲ 1.56% HSI 23,077 ▼ 1.43% NIFTY 24,053 ▲ 0.13% KOSPI 8,930 ▲ 5.42% JCI 5,999 ▲ 1.96% USD/JPY 161.82 ▲ 0.04% USD/CNY 6.7871 ▼ 0.34% DAX 24,901 ▲ 0.65% CAC 8,419 ▲ 0.40% FTSE 10,485 ▲ 0.22% MIB 51,759 ▲ 0.23% IBEX 19,417 ▲ 0.14% STOXX 638.65 ▲ 0.55% EUR/USD 1.1366 ▲ 0.04% GBP/USD 1.3187 ▲ 0.17% SPX 7,358 ▼ 0.10% DJI 51,849 ▲ 0.35% NDX 29,220 ▼ 0.43% RUT 2,987 ▲ 0.37% TSX 34,736 ▼ 0.55% VIX 18.02 ▼ 3.27% USD/CAD 1.4233 ▲ 0.01% US10Y 4.4020 ▼ 2.03%
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Thursday, June 25, 2026

Brazil Politics - Brazil

Governor Tarcísio Tests National Stage as Bolsonaro Succession Debate Grows

By · August 24, 2025 · 2 min read

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The government of São Paulo confirmed that Governor Tarcísio de Freitas is weighing two possible paths for 2026: re-election in the state or a presidential campaign.

Brazilian electoral law requires any sitting governor to resign six months before the vote if he chooses to run for president, which sets an April 2026 deadline.

Tarcísio, who won São Paulo in 2022 with support from Jair Bolsonaro, has shifted from firmly rejecting a national bid to quietly preparing for it. He speaks openly with allies about the possibility while stressing loyalty to Bolsonaro.

Publicly, he insists he prefers to stay in São Paulo, but political advisers and business leaders recognize that national ambition now plays a role in his decisions.

He has intensified trips through the interior with his “Caravana 3D” program, which distributes investments aligned with local priorities.

In the Sorocaba region, his government announced more than R$ 2.1 billion ($380 million) in new spending.

Across São Paulo, his administration counts more than R$ 350 ($64) billion in contracted investments since 2023.

He also completed the privatization of Sabesp in 2024, raising R$ 14.8 billion and reducing the state’s share from 50.3% to 18.3%. Tarcísio’s speeches now adopt sharper criticism of President Luiz Inácio Lula da Silva.

Governor Tarcísio Tests National Stage as Bolsonaro Succession Debate Grows
Governor Tarcísio Tests National Stage as Bolsonaro Succession Debate Grows
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At a financial sector forum hosted by BTG Pactual, he declared that Brazil “cannot take Lula anymore,” citing frustration with spending, taxes, and corruption.

This harder line marks a break from the beginning of his governorship, when he promised limited confrontation with Brasília.

Governor Tarcísio Tests National Stage as Bolsonaro Succession Debate Grows

At the same time, his gestures of loyalty to Bolsonaro remain visible. During the Barretos rodeo, he held a large Bolsonaro doll and spoke of injustice against the former president. Social media videos of the scene circulated widely.

But leaked Federal Police documents revealed messages from Eduardo Bolsonaro showing unease about Tarcísio as a successor, underscoring internal rivalries within the Bolsonaro camp.

Bolsonaro Withholds Backing of São Paulo Governor as Tarcísio Loses Ground on Brazil’s Right

Bolsonaro’s house arrest since August 4 has added urgency to the succession question. Business leaders and centrist politicians now consider Tarcísio the most viable non-PT name if the right consolidates.

However, allies admit he will only run if the conditions align: explicit Bolsonaro support, backing from major center-right parties, and a favorable public mood against Lula.

Opinion polls in August 2025 show Lula still leading all tested rivals, including Tarcísio. The numbers confirm that any opposition candidate faces a difficult contest against a president with long electoral experience.

For now, Tarcísio advances cautiously, building national visibility while keeping open the option of re-election in São Paulo.

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