IBOV 169,019 ▼ 0.77% IPSA 10,273 ▼ 0.30% IPC MEX 66,141 ▼ 1.86% MERVAL 3,084,617 ▼ 2.83% COLCAP 2,192.97 ▼ 1.58% BVL PERÚ 34,937.73 ▲ 0.29% USD/BRL 5.16 ▼ 0.19% USD/MXN 17.43 ▼ 0.30% USD/CLP 911.45 ▼ 0.28% USD/COP 3,589 ▼ 0.14% USD/PEN 3.47 ▼ 0.13% USD/ARS 1,441 ▼ 0.02% USD/UYU 40.26 — 0.00% USD/PYG 6,131 ▲ 0.80% USD/BOB 6.85 ▼ 0.15% USD/DOP 58.05 ▼ 0.07% USD/CRC 458.41 — 0.00% USD/GTQ 7.62 ▼ 0.05% USD/HNL 26.65 ▲ 0.06% USD/NIO 36.62 — 0.00% USD/VES 566.26 ▼ 0.13% USD/PAB 1.00 ▲ 2.28% USD/BZD 2.00 ▲ 1.71% USD/JMD 156.99 ▲ 0.28% USD/TTD 6.69 ▲ 0.72% EUR/BRL 5.95 ▲ 0.27% BRENT 94.45 ▲ 1.46% WTI 91.49 ▲ 1.05% IRON ORE 161.91 — — COPPER 6.39 ▲ 1.94% GOLD 4,361 ▲ 0.55% SILVER 68.94 ▼ 0.01% SOY 1,118 ▼ 0.29% CORN 415.50 ▼ 0.48% WHEAT 579.50 ▼ 0.09% COFFEE 247.35 ▲ 0.34% SUGAR 14.24 ▲ 0.71% ORANGE JUICE 158.30 ▼ 0.69% COTTON 77.80 ▲ 5.49% COCOA 3,914 ▲ 4.04% BEEF 241.65 ▼ 3.02% CATTLE 353.90 ▲ 0.15% LITHIUM 78.30 ▼ 5.98% PETR4 40.89 ▼ 0.87% VALE3 78.70 ▼ 3.78% ITUB4 38.83 ▲ 0.28% BBDC4 17.47 ▲ 0.58% ABEV3 16.17 ▲ 0.62% BBAS3 19.17 ▼ 1.84% B3SA3 15.41 ▼ 0.71% WEGE3 42.46 ▲ 1.63% PRIO3 61.12 ▼ 2.35% SUZB3 41.74 ▲ 1.26% RENT3 40.58 ▲ 0.35% AZZA3 17.13 ▼ 1.44% CSAN3 3.59 ▲ 0.28% RAIZ4 0.40 ▲ 2.56% PCAR3 1.68 ▲ 9.09% GMAT3 4.08 ▼ 2.86% PSSA3 47.81 ▼ 0.73% CVCB3 1.45 ▼ 2.03% POSI3 3.66 ▼ 2.40% SLCE3 14.81 ▼ 1.13% NATU3 9.72 ▼ 0.82% BRKM5 8.78 ▼ 6.89% RANI3 7.85 ▼ 0.63% CSNA3 6.00 ▼ 10.18% CMIN3 4.37 ▼ 2.89% USIM5 11.31 ▼ 1.31% GGBR4 23.48 ▼ 2.69% ENEV3 23.89 ▼ 1.40% NEOE3 33.80 — 0.00% CPFE3 42.69 ▼ 1.41% CMIG4 10.88 ▲ 0.18% EQTL3 38.91 ▼ 2.26% LREN3 14.89 ▲ 1.71% VIVT3 32.95 ▼ 2.37% RAIL3 13.94 ▲ 0.36% KLABIN 17.05 ▲ 1.73% RAIA DROGASIL 17.46 ▼ 0.29% RDOR3 32.76 ▼ 1.06% HAPV3 10.94 ▼ 2.50% FLRY3 14.75 ▲ 0.34% SMTO3 16.88 ▼ 2.43% UGPA3 24.96 ▲ 0.16% VBBR3 28.89 ▼ 2.00% BBSE3 35.39 ▲ 1.00% BPAC11 50.65 ▼ 0.12% CURY3 28.70 ▼ 2.55% AERI3 2.34 ▲ 1.30% VIVARA 20.42 ▼ 0.39% COMPASS 25.50 ▼ 1.12% VAMOS 2.95 ▲ 0.34% SANB11 26.73 ▲ 0.04% ASAI3 8.62 ▼ 1.93% SBSP3 27.34 ▲ 0.40% WALMEX 51.11 ▼ 0.74% GMEXICO 202.25 ▼ 4.26% FEMSA 214.10 ▲ 1.26% CEMEX 21.71 ▼ 3.25% GFNORTE 177.08 ▼ 1.34% BIMBO 55.78 ▼ 2.31% TELEVISA 9.21 ▼ 1.29% AMX 21.68 ▼ 0.82% GAP 398.75 ▼ 3.47% ASUR 282.14 ▼ 3.64% OMA 211.83 ▼ 1.64% KOF 185.04 ▲ 0.27% GRUMA 288.01 ▼ 0.97% KIMBER 36.92 ▼ 1.91% SQM-B 69,340 ▼ 0.45% COPEC 6,105 ▼ 0.16% BSANTANDER 68.70 ▲ 0.87% FALABELLA 5,511 ▼ 1.13% ENELAM 75.35 ▼ 1.58% CENCOSUD 2,110 ▼ 2.31% CMPC 1,040 ▼ 0.95% BANCO CHILE 165.21 ▼ 0.18% LATAM AIR 22.12 ▼ 0.63% YPF 81,075 ▼ 3.31% GGAL 7,215 ▼ 1.70% PAMPA 4,940 ▼ 3.80% TXAR 686.50 ▼ 1.86% ALUAR 976.00 ▼ 3.27% TGS 8,935 ▼ 3.35% CEPU 2,226 ▼ 2.24% MIRGOR 16,425 ▼ 3.38% COME 44.51 ▼ 5.92% LOMA NEGRA 3,360 ▼ 2.82% BYMA 288.00 ▼ 1.87% TELECOM ARG 3,983 ▼ 0.81% ECOPETROL 15.15 ▼ 3.13% BANCOLOMBIA 70.88 ▼ 2.00% GRUPO AVAL 4.80 ▼ 2.04% CREDICORP 322.50 ▼ 1.23% SOUTHERN COPPER 172.97 ▼ 10.88% BUENAVENTURA 30.26 ▼ 11.70% MERCADOLIBRE 1,608 ▼ 1.65% NUBANK 11.97 ▼ 1.24% XP 15.34 ▼ 1.92% PAGSEGURO 8.53 ▼ 3.18% STONE 10.40 ▼ 3.35% GLOBANT 38.30 ▼ 3.23% TECNOGLASS 42.35 ▼ 0.91% GAP AIRPORT 228.80 ▼ 4.52% ASUR 282.14 ▼ 3.64% OMA AIRPORT 97.01 ▼ 2.76% AMX ADR 24.84 ▼ 1.97% FEMSA ADR 122.88 ▲ 0.29% CEMEX ADR 12.48 ▼ 3.55% PETROBRAS ADR 17.75 ▼ 1.72% VALE ADR 15.23 ▼ 3.42% ITAU ADR 7.54 ▼ 1.31% SANTANDER BR 5.24 ▼ 2.15% AMBEV ADR 3.12 ▲ 0.32% CSN 1.18 ▼ 9.23% GERDAU 4.59 ▼ 2.55% LATAM ADR 48.32 ▼ 2.80% BTC 63,548 ▲ 0.49% ETH 1,689 ▲ 0.13% SOL 66.91 ▲ 0.90% XRP 1.16 ▲ 0.60% BNB 601.00 ▼ 0.44% ADA 0.17 ▲ 1.17% DOGE 0.09 ▲ 0.52% AVAX 6.79 ▼ 0.09% LINK 7.98 ▲ 0.99% DOT 0.98 ▲ 0.97% LTC 43.21 ▲ 0.87% BCH 207.10 ▼ 9.89% TRX 0.33 ▲ 0.02% XLM 0.20 ▼ 1.73% HBAR 0.08 ▲ 0.11% NEAR 2.18 ▲ 6.02% ATOM 1.75 ▲ 2.46% AAVE 64.12 ▲ 0.94% SELIC 14.50% EMBRAER 72.33 ▲ 3.82% EMBRAER ADR 56.68 ▲ 0.30% JBS 12.24 ▲ 0.25% JBS BDR 62.50 ▲ 4.34% MBRF3 15.76 ▼ 0.13% MBRFY 3.09 ▼ 2.22% INTER 5.67 ▼ 1.56% IBOV 169,019 ▼ 0.77% IPSA 10,273 ▼ 0.30% IPC MEX 66,141 ▼ 1.86% MERVAL 3,084,617 ▼ 2.83% COLCAP 2,192.97 ▼ 1.58% BVL PERÚ 34,937.73 ▲ 0.29% USD/BRL 5.16 ▼ 0.19% USD/MXN 17.43 ▼ 0.30% USD/CLP 911.45 ▼ 0.28% USD/COP 3,589 ▼ 0.14% USD/PEN 3.47 ▼ 0.13% USD/ARS 1,441 ▼ 0.02% USD/UYU 40.26 — 0.00% USD/PYG 6,131 ▲ 0.80% USD/BOB 6.85 ▼ 0.15% USD/DOP 58.05 ▼ 0.07% USD/CRC 458.41 — 0.00% USD/GTQ 7.62 ▼ 0.05% USD/HNL 26.65 ▲ 0.06% USD/NIO 36.62 — 0.00% USD/VES 566.26 ▼ 0.13% USD/PAB 1.00 ▲ 2.28% USD/BZD 2.00 ▲ 1.71% USD/JMD 156.99 ▲ 0.28% USD/TTD 6.69 ▲ 0.72% EUR/BRL 5.95 ▲ 0.27% BRENT 94.45 ▲ 1.46% WTI 91.49 ▲ 1.05% IRON ORE 161.91 — — COPPER 6.39 ▲ 1.94% GOLD 4,361 ▲ 0.55% SILVER 68.94 ▼ 0.01% SOY 1,118 ▼ 0.29% CORN 415.50 ▼ 0.48% WHEAT 579.50 ▼ 0.09% COFFEE 247.35 ▲ 0.34% SUGAR 14.24 ▲ 0.71% ORANGE JUICE 158.30 ▼ 0.69% COTTON 77.80 ▲ 5.49% COCOA 3,914 ▲ 4.04% BEEF 241.65 ▼ 3.02% CATTLE 353.90 ▲ 0.15% LITHIUM 78.30 ▼ 5.98% PETR4 40.89 ▼ 0.87% VALE3 78.70 ▼ 3.78% ITUB4 38.83 ▲ 0.28% BBDC4 17.47 ▲ 0.58% ABEV3 16.17 ▲ 0.62% BBAS3 19.17 ▼ 1.84% B3SA3 15.41 ▼ 0.71% WEGE3 42.46 ▲ 1.63% PRIO3 61.12 ▼ 2.35% SUZB3 41.74 ▲ 1.26% RENT3 40.58 ▲ 0.35% AZZA3 17.13 ▼ 1.44% CSAN3 3.59 ▲ 0.28% RAIZ4 0.40 ▲ 2.56% PCAR3 1.68 ▲ 9.09% GMAT3 4.08 ▼ 2.86% PSSA3 47.81 ▼ 0.73% CVCB3 1.45 ▼ 2.03% POSI3 3.66 ▼ 2.40% SLCE3 14.81 ▼ 1.13% NATU3 9.72 ▼ 0.82% BRKM5 8.78 ▼ 6.89% RANI3 7.85 ▼ 0.63% CSNA3 6.00 ▼ 10.18% CMIN3 4.37 ▼ 2.89% USIM5 11.31 ▼ 1.31% GGBR4 23.48 ▼ 2.69% ENEV3 23.89 ▼ 1.40% NEOE3 33.80 — 0.00% CPFE3 42.69 ▼ 1.41% CMIG4 10.88 ▲ 0.18% EQTL3 38.91 ▼ 2.26% LREN3 14.89 ▲ 1.71% VIVT3 32.95 ▼ 2.37% RAIL3 13.94 ▲ 0.36% KLABIN 17.05 ▲ 1.73% RAIA DROGASIL 17.46 ▼ 0.29% RDOR3 32.76 ▼ 1.06% HAPV3 10.94 ▼ 2.50% FLRY3 14.75 ▲ 0.34% SMTO3 16.88 ▼ 2.43% UGPA3 24.96 ▲ 0.16% VBBR3 28.89 ▼ 2.00% BBSE3 35.39 ▲ 1.00% BPAC11 50.65 ▼ 0.12% CURY3 28.70 ▼ 2.55% AERI3 2.34 ▲ 1.30% VIVARA 20.42 ▼ 0.39% COMPASS 25.50 ▼ 1.12% VAMOS 2.95 ▲ 0.34% SANB11 26.73 ▲ 0.04% ASAI3 8.62 ▼ 1.93% SBSP3 27.34 ▲ 0.40% WALMEX 51.11 ▼ 0.74% GMEXICO 202.25 ▼ 4.26% FEMSA 214.10 ▲ 1.26% CEMEX 21.71 ▼ 3.25% GFNORTE 177.08 ▼ 1.34% BIMBO 55.78 ▼ 2.31% TELEVISA 9.21 ▼ 1.29% AMX 21.68 ▼ 0.82% GAP 398.75 ▼ 3.47% ASUR 282.14 ▼ 3.64% OMA 211.83 ▼ 1.64% KOF 185.04 ▲ 0.27% GRUMA 288.01 ▼ 0.97% KIMBER 36.92 ▼ 1.91% SQM-B 69,340 ▼ 0.45% COPEC 6,105 ▼ 0.16% BSANTANDER 68.70 ▲ 0.87% FALABELLA 5,511 ▼ 1.13% ENELAM 75.35 ▼ 1.58% CENCOSUD 2,110 ▼ 2.31% CMPC 1,040 ▼ 0.95% BANCO CHILE 165.21 ▼ 0.18% LATAM AIR 22.12 ▼ 0.63% YPF 81,075 ▼ 3.31% GGAL 7,215 ▼ 1.70% PAMPA 4,940 ▼ 3.80% TXAR 686.50 ▼ 1.86% ALUAR 976.00 ▼ 3.27% TGS 8,935 ▼ 3.35% CEPU 2,226 ▼ 2.24% MIRGOR 16,425 ▼ 3.38% COME 44.51 ▼ 5.92% LOMA NEGRA 3,360 ▼ 2.82% BYMA 288.00 ▼ 1.87% TELECOM ARG 3,983 ▼ 0.81% ECOPETROL 15.15 ▼ 3.13% BANCOLOMBIA 70.88 ▼ 2.00% GRUPO AVAL 4.80 ▼ 2.04% CREDICORP 322.50 ▼ 1.23% SOUTHERN COPPER 172.97 ▼ 10.88% BUENAVENTURA 30.26 ▼ 11.70% MERCADOLIBRE 1,608 ▼ 1.65% NUBANK 11.97 ▼ 1.24% XP 15.34 ▼ 1.92% PAGSEGURO 8.53 ▼ 3.18% STONE 10.40 ▼ 3.35% GLOBANT 38.30 ▼ 3.23% TECNOGLASS 42.35 ▼ 0.91% GAP AIRPORT 228.80 ▼ 4.52% ASUR 282.14 ▼ 3.64% OMA AIRPORT 97.01 ▼ 2.76% AMX ADR 24.84 ▼ 1.97% FEMSA ADR 122.88 ▲ 0.29% CEMEX ADR 12.48 ▼ 3.55% PETROBRAS ADR 17.75 ▼ 1.72% VALE ADR 15.23 ▼ 3.42% ITAU ADR 7.54 ▼ 1.31% SANTANDER BR 5.24 ▼ 2.15% AMBEV ADR 3.12 ▲ 0.32% CSN 1.18 ▼ 9.23% GERDAU 4.59 ▼ 2.55% LATAM ADR 48.32 ▼ 2.80% BTC 63,548 ▲ 0.49% ETH 1,689 ▲ 0.13% SOL 66.91 ▲ 0.90% XRP 1.16 ▲ 0.60% BNB 601.00 ▼ 0.44% ADA 0.17 ▲ 1.17% DOGE 0.09 ▲ 0.52% AVAX 6.79 ▼ 0.09% LINK 7.98 ▲ 0.99% DOT 0.98 ▲ 0.97% LTC 43.21 ▲ 0.87% BCH 207.10 ▼ 9.89% TRX 0.33 ▲ 0.02% XLM 0.20 ▼ 1.73% HBAR 0.08 ▲ 0.11% NEAR 2.18 ▲ 6.02% ATOM 1.75 ▲ 2.46% AAVE 64.12 ▲ 0.94% SELIC 14.50% EMBRAER 72.33 ▲ 3.82% EMBRAER ADR 56.68 ▲ 0.30% JBS 12.24 ▲ 0.25% JBS BDR 62.50 ▲ 4.34% MBRF3 15.76 ▼ 0.13% MBRFY 3.09 ▼ 2.22% INTER 5.67 ▼ 1.56%
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Monday, June 8, 2026

Poll Shows Lula Below Every Reelected President Since 2002

By · March 18, 2026 · 3 min read

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Key Points

An Ipsos-Ipec poll released March 10 shows 33% rate the Lula government as “great” or “good” versus 40% rating it “bad” or “terrible” — a negative seven-point gap that no president has overcome to win reelection since 2002

Overall disapproval stands at 51% against 43% approval, while 56% of Brazilians say they do not trust Lula — all within a margin of error of the December poll, suggesting crystallized opinion

Lula is tied at 41% with Senator Flávio Bolsonaro in a hypothetical second-round scenario, according to a separate Genial/Quaest poll, with the October presidential election now seven months away

Lula approval ratings have dropped to a level that no Brazilian president has survived electorally in more than two decades. With the October 2026 presidential election seven months away, a new Ipsos-Ipec poll shows just 33% of Brazilians rate the government as “great” or “good” — below every incumbent who won reelection or elected a successor since 2002.

The numbers carry historical weight. The Rio Times, the Latin American financial news outlet, examines what the data means for Latin America’s most consequential election this year and why political analysts are warning that Lula’s path to a fourth term is narrowing.

Lula Approval vs. Historical Benchmarks

O Estado de S. Paulo compiled Ipsos-Ipec (formerly Ibope) data from March of every election year since 2002. The pattern is stark: no president who reached this point in the electoral calendar with approval equal to or below Lula‘s current 33% has won reelection or elected a successor.

Poll Shows Lula Below Every Reelected President Since 2002. (Photo Internet reproduction)
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In 2006, when Lula won his second term, he had 38% positive ratings at the same point. In 2010, riding 75% approval, he transferred that political capital to Dilma Rousseff. By contrast, Michel Temer sat at just 5% in March 2018, and his chosen successor Henrique Meirelles never gained traction. Bolsonaro had roughly 19% before the 2022 election and lost.

“The way things stand today, at this level, it’s very difficult for Lula to win reelection,” said political scientist Alberto Carlos Almeida. The data also shows that every president who entered this period with more negative than positive evaluations — a gap Lula currently has at minus seven points — failed at the ballot box.

The Numbers Behind the Lula Approval Slide

The March Ipsos-Ipec survey, conducted March 5-9 with 2,000 respondents across 131 municipalities, shows 51% disapprove of how Lula governs versus 43% who approve. Trust in the president sits at 40%, while 56% say they do not trust him. On the economy, 42% believe the situation has worsened, 27% see improvement, and 36% expect things to get worse in six months.

The 33% positive rating is up three points from December’s 30%, offering a sliver of recovery. But Ipsos-Ipec head Márcia Cavallari called it a “still negative balance” that the government has not yet reversed. Among evangelicals — a growing electoral force — disapproval hits 64%, with only 22% rating the government positively.

The opposition sees structural decay. Senator Rogério Marinho, who coordinates Flávio Bolsonaro’s presidential campaign, attributed the decline to voter fatigue and a perceived tax burden. A separate Genial/Quaest poll shows Lula and Flávio Bolsonaro tied at 41% in a hypothetical runoff — remarkable for a sitting president against a first-time presidential candidate.

Multiple factors are weighing on the president simultaneously. The CPMI congressional investigation into the INSS social security scandal has reached Lula’s son, Fábio Luís Lula da Silva — known as Lulinha — while the Banco Master banking scandal has created a toxic political environment that touches both government allies and opponents. The opposition has seized on both as evidence of systemic dysfunction.

Government allies insist recovery is possible as the campaign sharpens comparisons with previous administrations. But Almeida noted that Lula’s third term lacks the “euphoria of novelty” that characterized his first, when programs like Bolsa Família were seen as breakthroughs. Those same social programs are now perceived as acquired rights rather than government achievements — a subtle but critical shift that may limit their electoral return.

Related coverage: Lula Approval Falls to Lowest Since July as Brazil Polls Tig | Lula’s Son Becomes His Biggest Campaign Liability

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