IBOV 187,366.84 ▲ 1.20% IPSA 11,315.26 ▼ 1.14% IPC MEX 65,010.39 ▲ 0.44% MERVAL 3,075,982 ▲ 1.36% COLCAP 2,569.47 ▲ 0.15% BVL PERÚ 59,620.96 ▲ 1.05% USD/BRL5.09▼ 0.72% USD/MXN16.91▼ 0.01% USD/CLP924.74▼ 1.05% USD/COP3,113▼ 0.49% USD/PEN3.35▼ 0.24% USD/ARS1,512▼ 0.02% USD/UYU40.22▲ 1.23% USD/PYG5,892▲ 0.36% USD/BOB12.45▲ 2.03% USD/DOP58.68▲ 0.30% USD/CRC446.50▲ 1.13% USD/GTQ7.64▲ 2.32% USD/HNL26.84▲ 1.63% USD/NIO36.62▲ 0.69% USD/VES818.05▲ 0.54% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.71▲ 1.03% EUR/BRL5.92▼ 0.52% 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 187,366.84 ▲ 1.20% IPSA 11,315.26 ▼ 1.14% IPC MEX 65,010.39 ▲ 0.44% MERVAL 3,075,982 ▲ 1.36% COLCAP 2,569.47 ▲ 0.15% BVL PERÚ 59,620.96 ▲ 1.05% 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%
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Wednesday, September 9, 2026

Brazil Business

Brazilians Say Lula Should Not Seek Re-election Despite His Poll Lead

By · July 15, 2026 · 5 min read

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Brazil · Politics

Key Facts

Majority Opposition A solid 51% of Brazilians believe President Lula does not deserve another term, signaling a personal re-election hurdle despite competitive polling.

Electoral Viability Even with that sentiment, the poll showed Lula leading all tested second-round scenarios, meaning voters may back him if faced with a less palatable alternative.

Approval Gap Government approval sat at 43% against 52% disapproval, a negative nine-point spread that underscores a tough re-election environment.

Trend Watch The same polling series previously found 62% opposed a re-election bid, indicating the 51% figure still represents deep public resistance.

Investor Insight Persistent negative approval ratings can pressure fiscal policy and reform momentum, key factors for market confidence and the Brazilian real.

Fifty-one percent of Brazilians say President Luiz Inácio Lula da Silva does not deserve re-election in 2026, even as the same Genial/Quaest survey shows him leading all tested second-round runoff scenarios.

Brazilians Say Lula Should Not Seek Re-election Despite His Poll Lead
Brazil · Politics
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What the Numbers Reveal

The latest Genial/Quaest poll, commissioned by brokerage Genial and released on April 2, 2025, found that a clear majority of Brazilians oppose a new Lula candidacy. Exactly 51% said he should not seek re-election, while a smaller share said he should and the remainder offered no answer.

This sentiment reflects personal voter fatigue or disappointment rather than a full rejection of his electoral chances. In fact, the same polling round placed Lula ahead of potential right-wing rivals in every modeled second-round matchup, a disconnect that highlights a fragmented opposition field. Our reporting has consistently shown that Brazilians have opposed another Lula candidacy for years—70% rejected a 2022 run in a 2020 Paraná Research poll, 55% opposed a 2026 bid in a 2024 Quaest survey, and 62% were against re-election in an earlier wave of this same series—indicating the current 51% figure, while lower, still represents deep and durable public resistance rather than a fleeting mood.

Approval and Disapproval Snapshot

Government job approval stood at 43%, with disapproval reaching 52% in the May 2026 Genial/Quaest survey. That negative nine-point gap mirrors earlier readings and suggests a stable but underwater rating for the current administration.

A Reuters-reported poll from the same firm two days earlier, on April 2, 2025, recorded an even steeper 41% approval and 56% disapproval, though the highest disapproval level of Lula’s three non-consecutive terms was 57% in May 2025. The slight bounce to 43-52 indicates some recovery but leaves the government firmly in negative territory.

Genial/Quaest Trend Over Time

Tracking the numbers across months shows a volatile but consistently challenged approval rating. In late January 2025, approval was 47% with 49% disapproval, the first time disapproval topped approval in the current term.

By mid-July 2025, Reuters reported 43% approval and 53% disapproval, followed by 46% approval and 51% disapproval in late August 2025.

The April 2026 update pegged approval at 43% and disapproval at 52%, virtually unchanged. A subsequent May 2026 reading showed a small improvement to 46% approval and 49% disapproval, suggesting modest gains that still left nearly half the electorate dissatisfied.

Electoral Scenarios and the Opposition

Despite the re-election sentiment, Lula’s competitive standing in polls has been resilient. The April 2026 Genial/Quaest survey gave a narrow edge to Senator Flávio Bolsonaro in a hypothetical second round, at 42% to Lula’s 40%, but the May 2026 update flipped that result to Lula 42%, Bolsonaro 41%.

By June 2026, Reuters reported a wider Lula lead of 44% to 38% over Flávio Bolsonaro, and a separate Datafolha poll showed Lula leading the same opponent 47% to 43% in a runoff, with a first-round advantage of 41% to 31%. These figures explain why investors cannot write off Lula’s re-election prospects despite weak popularity metrics.

Why This Matters for Residents and Investors

For expats and market participants, the gap between presidential disapproval and electoral strength carries real economic implications. A government with sub-50% approval finds it harder to push fiscal reforms through Congress, which can delay budget consolidation and affect the exchange rate.

At the same time, Lula’s polling lead suggests a polarized election where the eventual winner may govern without a broad mandate. Policy continuity, tax proposals, and public spending commitments will all be scrutinized through the lens of these shifting numbers, making Genial/Quaest updates a key watchpoint for anyone with exposure to Brazilian assets.

Sources and Methodology

Genial/Quaest is a regular public-opinion survey commissioned by the Brazilian brokerage Genial. The polls cited in this analysis were reported by Valor International, O Globo, The Rio Times, and Reuters between January 2025 and June 2026, with sample sizes and margins of error detailed in each original release.

All figures referenced here are drawn directly from those verified reports. The re-election question, approval ratings, and head-to-head runoff numbers follow the consistent format used across the Genial/Quaest series, allowing direct comparison over time.

Frequently Asked Questions

How many Brazilians say Lula should not seek re-election?

The latest Genial/Quaest poll found 51% of Brazilians believe President Lula does not deserve to run for re-election in 2026.

Does the re-election sentiment match his electoral poll numbers?

No. Despite majority opposition to a new candidacy, the same polling series shows Lula leading in multiple hypothetical second-round matchups, including a 44% to 38% lead over Flávio Bolsonaro in June 2026.

What is Lula’s current approval rating according to Genial/Quaest?

In the most recent reading covered here, approval stood at 46% and disapproval at 49%, though earlier April 2026 and April 2025 figures showed 43% approval and 52% disapproval.

Sources: Valor International: While Lula still leads poll, majority thinks he should not seek re-election, O Globo: Genial/Quaest: 52% desaprovam o governo Lula e 43% aprovam, The Rio Times: Lula Edges Flávio Bolsonaro 42% to 41% in Quaest Runoff Poll, Reuters: Brazil’s Lula widens lead over Flávio Bolsonaro ahead of presidential vote, Reuters: Brazilian President Lula’s disapproval rating hits all-time high, Reuters: Brazil’s Lula extends comeback, approval ticks up

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