IBOV 176,402.10 ▲ 1.77% IPSA 10,954.04 ▲ 0.52% IPC MEX 66,709.60 ▲ 0.88% MERVAL 3,281,979 — 0.00% COLCAP 2,301.34 ▲ 0.13% BVL PERÚ 57,575.02 — — USD/BRL5.06▼ 0.35% USD/MXN17.39▼ 0.13% USD/CLP934.59▼ 0.12% USD/COP3,205▼ 1.58% USD/PEN3.40▲ 0.10% USD/ARS1,478▲ 0.02% USD/UYU40.14▲ 1.07% USD/PYG6,035▲ 1.50% USD/BOB10.95▲ 3.79% USD/DOP58.34▲ 0.24% USD/CRC447.42▲ 1.35% USD/GTQ7.62▲ 2.27% USD/HNL26.74▲ 1.52% USD/NIO36.62▲ 0.72% USD/VES735.39▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.49▲ 0.36% USD/TTD6.71▲ 0.76% EUR/BRL5.77▼ 0.83% BRENT 93.78 ▲ 3.04% WTI 86.82 ▲ 2.25% IRON ORE 161.91 — — COPPER 6.52 ▲ 0.12% GOLD 4,162 ▲ 2.22% SILVER 61.09 ▲ 3.82% SOY 1,235 ▲ 1.25% CORN 484.00 ▲ 6.90% WHEAT 703.50 ▲ 3.76% COFFEE 317.10 ▼ 4.47% SUGAR 14.80 ▼ 0.54% ORANGE JUICE 145.35 ▲ 1.08% COTTON 80.43 ▲ 1.86% COCOA 5,412 ▼ 3.48% BEEF 220.48 ▼ 2.74% CATTLE 338.43 ▼ 3.18% LITHIUM 69.55 ▲ 0.68% PETR4 42.62 ▲ 2.30% VALE3 74.63 ▲ 3.31% ITUB4 42.85 ▲ 0.75% BBDC4 18.81 ▲ 1.40% ABEV3 16.10 ▲ 1.90% BBAS3 20.89 ▲ 0.05% B3SA3 15.58 ▲ 2.70% WEGE3 46.22 ▲ 8.83% PRIO3 59.65 ▲ 2.53% SUZB3 42.60 ▲ 2.33% RENT3 37.15 ▲ 1.64% AZZA3 17.49 ▲ 0.06% CSAN3 3.93 ▲ 3.97% RAIZ4 0.28 ▲ 3.70% PCAR3 2.74 ▲ 0.37% GMAT3 3.87 ▲ 1.04% PSSA3 54.43 ▲ 1.78% CVCB3 1.23 ▲ 9.82% POSI3 3.71 ▲ 0.82% SLCE3 13.88 ▲ 0.95% NATU3 8.80 ▲ 1.03% BRKM5 6.09 ▲ 6.66% RANI3 7.98 ▲ 1.14% CSNA3 5.31 ▲ 4.94% CMIN3 5.88 ▲ 5.38% USIM5 8.64 ▲ 2.13% GGBR4 24.00 ▲ 2.17% ENEV3 25.80 ▲ 1.49% CPFE3 46.59 ▲ 0.41% CMIG4 11.14 ▲ 1.09% EQTL3 39.00 ▲ 0.44% LREN3 13.55 ▲ 2.11% VIVT3 35.87 ▲ 0.20% RAIL3 13.62 ▲ 2.87% KLABIN 17.95 ▲ 2.05% RAIA DROGASIL 18.34 ▲ 1.16% RDOR3 34.22 ▲ 0.88% HAPV3 11.51 ▲ 2.40% FLRY3 16.73 ▲ 1.09% SMTO3 15.93 ▲ 2.25% UGPA3 32.36 ▲ 1.70% VBBR3 34.60 ▲ 1.91% BBSE3 41.85 ▲ 0.72% BPAC11 56.33 ▲ 1.73% CURY3 30.41 ▲ 1.54% AERI3 2.07 ▲ 1.47% VIVARA 21.45 ▲ 0.19% COMPASS 24.83 ▲ 1.60% VAMOS 3.21 ▲ 3.88% SANB11 26.92 ▼ 1.07% ASAI3 8.46 ▲ 2.55% SBSP3 28.96 ▲ 1.26% WALMEX 49.49 ▲ 0.69% GMEXICO 213.31 ▲ 2.08% FEMSA 230.05 ▲ 1.46% CEMEX 22.36 ▲ 1.31% GFNORTE 189.98 ▲ 2.25% BIMBO 60.19 ▲ 1.35% TELEVISA 9.91 ▲ 1.54% AMX 22.68 ▼ 0.35% GAP 384.02 ▲ 1.45% ASUR 276.74 ▲ 0.65% OMA 232.19 ▲ 2.62% KOF 184.53 ▲ 2.25% GRUMA 282.65 ▲ 0.02% KIMBER 39.15 ▲ 1.95% SQM-B 65,899 ▲ 2.11% COPEC 6,355 ▼ 1.47% BSANTANDER 79.47 ▲ 0.58% FALABELLA 5,861 ▼ 0.98% ENELAM 84.12 ▼ 0.49% CENCOSUD 2,027 ▼ 0.04% CMPC 1,065 ▼ 1.74% BANCO CHILE 188.80 ▼ 0.64% LATAM AIR 23.99 ▼ 0.87% YPF 80,625 — 0.00% GGAL 7,965 — 0.00% PAMPA 5,475 — 0.00% TXAR 679.00 — 0.00% ALUAR 973.00 — 0.00% TGS 9,710 — 0.00% CEPU 2,340 — 0.00% MIRGOR 16,775 — 0.00% COME 42.87 — 0.00% LOMA NEGRA 3,605 — 0.00% BYMA 292.25 — 0.00% TELECOM ARG 4,255 — 0.00% ECOPETROL 17.00 ▲ 2.84% BANCOLOMBIA 84.20 ▲ 0.67% GRUPO AVAL 5.09 — 0.00% CREDICORP 390.71 ▼ 0.10% SOUTHERN COPPER 192.73 ▲ 2.51% BUENAVENTURA 32.59 ▲ 4.29% MERCADOLIBRE 1,803 ▼ 1.10% NUBANK 14.27 ▼ 0.87% XP 17.12 ▲ 1.60% PAGSEGURO 9.60 ▲ 0.16% STONE 11.30 ▲ 0.40% GLOBANT 32.10 ▼ 0.02% TECNOGLASS 46.03 ▲ 1.95% GAP AIRPORT 220.91 ▲ 1.48% ASUR 276.74 ▲ 0.65% OMA AIRPORT 106.85 ▲ 2.51% AMX ADR 26.05 ▼ 0.15% FEMSA ADR 132.28 ▲ 1.48% CEMEX ADR 12.86 ▲ 1.26% PETROBRAS ADR 19.05 ▲ 2.72% VALE ADR 14.72 ▲ 3.30% ITAU ADR 8.47 ▲ 0.83% SANTANDER BR 5.43 ▲ 0.37% AMBEV ADR 3.16 ▲ 1.61% CSN 1.06 ▲ 6.00% GERDAU 4.73 ▲ 1.94% LATAM ADR 51.20 ▼ 0.72% BTC 65,866 ▼ 0.96% ETH 1,941 ▲ 0.65% SOL 78.01 ▼ 0.13% XRP 1.14 ▲ 0.20% BNB 572.84 ▼ 0.13% ADA 0.18 ▲ 1.53% DOGE 0.07 ▼ 0.56% AVAX 6.57 ▲ 0.13% LINK 8.69 ▲ 0.51% DOT 0.84 ▼ 0.45% LTC 46.83 ▲ 0.03% BCH 220.98 ▼ 1.22% TRX 0.33 ▼ 0.02% XLM 0.19 ▼ 0.72% HBAR 0.07 ▲ 3.43% NEAR 1.89 ▼ 2.28% ATOM 1.47 ▼ 0.95% AAVE 97.98 ▲ 2.52% SELIC 14.25% EMBRAER 84.70 ▲ 2.48% EMBRAER ADR 66.97 ▲ 2.29% JBS 12.18 ▲ 1.88% JBS BDR 61.41 ▲ 1.98% MBRF3 15.47 ▲ 2.38% MBRFY 3.00 ▲ 1.69% INTER 5.56 ▼ 0.45% EGX 53,932 ▼ 0.11% USD/ZAR16.42▼ 0.33% USD/NGN1,370▼ 0.55% NIKKEI 66,116 ▼ 0.18% CSI300 4,717 ▼ 0.46% HSI 24,893 ▼ 0.95% NIFTY 23,996 ▼ 0.79% KOSPI 6,798 ▲ 0.74% JCI 6,334 ▼ 0.09% USD/JPY163.06▼ 0.07% USD/CNY6.76▼ 0.08% DAX 25,151 ▲ 0.56% CAC 8,444 ▲ 0.96% FTSE 10,726 ▲ 1.32% MIB 52,811 ▲ 1.01% IBEX 19,601 ▲ 1.14% STOXX 647.36 ▲ 0.65% EUR/USD1.14▲ 0.19% GBP/USD1.34▼ 0.31% SPX 7,512 ▲ 0.03% DJI 52,429 ▲ 0.39% NDX 29,108 ▼ 0.16% RUT 2,980 ▼ 0.26% TSX 35,706 ▲ 0.95% VIX 17.16 ▲ 0.65% USD/CAD1.41▼ 0.18% US10Y 4.6420 ▲ 0.30% IBOV 176,402.10 ▲ 1.77% IPSA 10,954.04 ▲ 0.52% IPC MEX 66,709.60 ▲ 0.88% MERVAL 3,281,979 — 0.00% COLCAP 2,301.34 ▲ 0.13% BVL PERÚ 57,575.02 — — USD/BRL 5.06 ▼ 0.30% USD/MXN 17.40 ▼ 0.10% USD/CLP 935.90 ▲ 0.02% USD/COP 3,201 ▼ 1.68% USD/PEN 3.40 ▲ 0.13% USD/ARS 1,478 ▲ 0.02% USD/UYU 40.14 ▲ 1.07% USD/PYG 6,035 ▲ 1.50% USD/BOB 10.95 ▲ 3.79% USD/DOP 58.34 ▲ 0.24% USD/CRC 447.42 ▲ 1.35% USD/GTQ 7.62 ▲ 2.27% USD/HNL 26.74 ▲ 1.52% USD/NIO 36.62 ▲ 0.72% USD/VES 735.39 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.49 ▲ 0.35% USD/TTD 6.71 ▲ 0.76% EUR/BRL 5.77 ▼ 0.81% BRENT 93.78 ▲ 3.04% WTI 86.82 ▲ 2.25% IRON ORE 161.91 — — COPPER 6.52 ▲ 0.12% GOLD 4,162 ▲ 2.22% SILVER 61.09 ▲ 3.82% SOY 1,235 ▲ 1.25% CORN 484.00 ▲ 6.90% WHEAT 703.50 ▲ 3.76% COFFEE 317.10 ▼ 4.47% SUGAR 14.80 ▼ 0.54% ORANGE JUICE 145.35 ▲ 1.08% COTTON 80.43 ▲ 1.86% COCOA 5,412 ▼ 3.48% BEEF 220.48 ▼ 2.74% CATTLE 338.43 ▼ 3.18% LITHIUM 69.55 ▲ 0.68% PETR4 42.62 ▲ 2.30% VALE3 74.63 ▲ 3.31% ITUB4 42.85 ▲ 0.75% BBDC4 18.81 ▲ 1.40% ABEV3 16.10 ▲ 1.90% BBAS3 20.89 ▲ 0.05% B3SA3 15.58 ▲ 2.70% WEGE3 46.22 ▲ 8.83% PRIO3 59.65 ▲ 2.53% SUZB3 42.60 ▲ 2.33% RENT3 37.15 ▲ 1.64% AZZA3 17.49 ▲ 0.06% CSAN3 3.93 ▲ 3.97% RAIZ4 0.28 ▲ 3.70% PCAR3 2.74 ▲ 0.37% GMAT3 3.87 ▲ 1.04% PSSA3 54.43 ▲ 1.78% CVCB3 1.23 ▲ 9.82% POSI3 3.71 ▲ 0.82% SLCE3 13.88 ▲ 0.95% NATU3 8.80 ▲ 1.03% BRKM5 6.09 ▲ 6.66% RANI3 7.98 ▲ 1.14% CSNA3 5.31 ▲ 4.94% CMIN3 5.88 ▲ 5.38% USIM5 8.64 ▲ 2.13% GGBR4 24.00 ▲ 2.17% ENEV3 25.80 ▲ 1.49% CPFE3 46.59 ▲ 0.41% CMIG4 11.14 ▲ 1.09% EQTL3 39.00 ▲ 0.44% LREN3 13.55 ▲ 2.11% VIVT3 35.87 ▲ 0.20% RAIL3 13.62 ▲ 2.87% KLABIN 17.95 ▲ 2.05% RAIA DROGASIL 18.34 ▲ 1.16% RDOR3 34.22 ▲ 0.88% HAPV3 11.51 ▲ 2.40% FLRY3 16.73 ▲ 1.09% SMTO3 15.93 ▲ 2.25% UGPA3 32.36 ▲ 1.70% VBBR3 34.60 ▲ 1.91% BBSE3 41.85 ▲ 0.72% BPAC11 56.33 ▲ 1.73% CURY3 30.41 ▲ 1.54% AERI3 2.07 ▲ 1.47% VIVARA 21.45 ▲ 0.19% COMPASS 24.83 ▲ 1.60% VAMOS 3.21 ▲ 3.88% SANB11 26.92 ▼ 1.07% ASAI3 8.46 ▲ 2.55% SBSP3 28.96 ▲ 1.26% WALMEX 49.49 ▲ 0.69% GMEXICO 213.31 ▲ 2.08% FEMSA 230.05 ▲ 1.46% CEMEX 22.36 ▲ 1.31% GFNORTE 189.98 ▲ 2.25% BIMBO 60.19 ▲ 1.35% TELEVISA 9.91 ▲ 1.54% AMX 22.68 ▼ 0.35% GAP 384.02 ▲ 1.45% ASUR 276.74 ▲ 0.65% OMA 232.19 ▲ 2.62% KOF 184.53 ▲ 2.25% GRUMA 282.65 ▲ 0.02% KIMBER 39.15 ▲ 1.95% SQM-B 65,899 ▲ 2.11% COPEC 6,355 ▼ 1.47% BSANTANDER 79.47 ▲ 0.58% FALABELLA 5,861 ▼ 0.98% ENELAM 84.12 ▼ 0.49% CENCOSUD 2,027 ▼ 0.04% CMPC 1,065 ▼ 1.74% BANCO CHILE 188.80 ▼ 0.64% LATAM AIR 23.99 ▼ 0.87% YPF 80,625 — 0.00% GGAL 7,965 — 0.00% PAMPA 5,475 — 0.00% TXAR 679.00 — 0.00% ALUAR 973.00 — 0.00% TGS 9,710 — 0.00% CEPU 2,340 — 0.00% MIRGOR 16,775 — 0.00% COME 42.87 — 0.00% LOMA NEGRA 3,605 — 0.00% BYMA 292.25 — 0.00% TELECOM ARG 4,255 — 0.00% ECOPETROL 17.00 ▲ 2.84% BANCOLOMBIA 84.20 ▲ 0.67% GRUPO AVAL 5.09 — 0.00% CREDICORP 390.71 ▼ 0.10% SOUTHERN COPPER 192.73 ▲ 2.51% BUENAVENTURA 32.59 ▲ 4.29% MERCADOLIBRE 1,803 ▼ 1.10% NUBANK 14.27 ▼ 0.87% XP 17.12 ▲ 1.60% PAGSEGURO 9.60 ▲ 0.16% STONE 11.30 ▲ 0.40% GLOBANT 32.10 ▼ 0.02% TECNOGLASS 46.03 ▲ 1.95% GAP AIRPORT 220.91 ▲ 1.48% ASUR 276.74 ▲ 0.65% OMA AIRPORT 106.85 ▲ 2.51% AMX ADR 26.05 ▼ 0.15% FEMSA ADR 132.28 ▲ 1.48% CEMEX ADR 12.86 ▲ 1.26% PETROBRAS ADR 19.05 ▲ 2.72% VALE ADR 14.72 ▲ 3.30% ITAU ADR 8.47 ▲ 0.83% SANTANDER BR 5.43 ▲ 0.37% AMBEV ADR 3.16 ▲ 1.61% CSN 1.06 ▲ 6.00% GERDAU 4.73 ▲ 1.94% LATAM ADR 51.20 ▼ 0.72% BTC 65,866 ▼ 0.96% ETH 1,941 ▲ 0.65% SOL 78.01 ▼ 0.13% XRP 1.14 ▲ 0.20% BNB 572.84 ▼ 0.13% ADA 0.18 ▲ 1.53% DOGE 0.07 ▼ 0.56% AVAX 6.57 ▲ 0.13% LINK 8.69 ▲ 0.51% DOT 0.84 ▼ 0.45% LTC 46.83 ▲ 0.03% BCH 220.98 ▼ 1.22% TRX 0.33 ▼ 0.02% XLM 0.19 ▼ 0.72% HBAR 0.07 ▲ 3.43% NEAR 1.89 ▼ 2.28% ATOM 1.47 ▼ 0.95% AAVE 97.98 ▲ 2.52% SELIC 14.25% EMBRAER 84.70 ▲ 2.48% EMBRAER ADR 66.97 ▲ 2.29% JBS 12.18 ▲ 1.88% JBS BDR 61.41 ▲ 1.98% MBRF3 15.47 ▲ 2.38% MBRFY 3.00 ▲ 1.69% INTER 5.56 ▼ 0.45% EGX 53,932 ▼ 0.11% USD/ZAR 16.42 ▼ 0.23% USD/NGN 1,370 ▼ 0.45% NIKKEI 66,116 ▼ 0.18% CSI300 4,717 ▼ 0.46% HSI 24,893 ▼ 0.95% NIFTY 23,996 ▼ 0.79% KOSPI 6,798 ▲ 0.74% JCI 6,334 ▼ 0.09% USD/JPY 163.07 ▼ 0.05% USD/CNY 6.7609 ▲ 0.06% DAX 25,151 ▲ 0.56% CAC 8,444 ▲ 0.96% FTSE 10,726 ▲ 1.32% MIB 52,811 ▲ 1.01% IBEX 19,601 ▲ 1.14% STOXX 647.36 ▲ 0.65% EUR/USD 1.1417 ▲ 0.11% GBP/USD 1.3386 ▲ 0.05% SPX 7,512 ▲ 0.03% DJI 52,429 ▲ 0.39% NDX 29,108 ▼ 0.16% RUT 2,980 ▼ 0.26% TSX 35,706 ▲ 0.95% VIX 17.16 ▲ 0.65% USD/CAD 1.4090 ▼ 0.11% US10Y 4.6420 ▲ 0.30%
since 2009
Wednesday, July 22, 2026

Opinion: Brazil’s Political Climate – Fueling Bolsonarism

By · February 9, 2024 · 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.

(Opinion) In Brazil, the actions of the Supreme Federal Court (STF) and President Lula’s government are unintentionally keeping support for former President Jair Bolsonaro alive.

Despite setbacks from Federal Police operations, including a recent one that targeted Bolsonaro’s circle, a part of the populace remains loyal.

This loyalty is reinforced by perceived missteps from Bolsonaro’s opponents.

Decisions by STF members, like Minister Dias Toffoli’s overturning of fines and anti-corruption measures, spark controversy.

Similarly, errors in cases involving Bolsonaro’s family and questions about the impartiality of Alexandre de Moraes, who often handles these cases, add to the narrative.

Lula’s choice of close allies for the Court further emphasizes the belief among Bolsonaro’s supporters that their fight is against a coalition of the left and the STF.

Opinion: Brazil's Political Climate - Fueling Bolsonarism
Opinion: Brazil’s Political Climate – Fueling Bolsonarism. (Photo Internet reproduction)
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 →

Bolsonaro uses these instances to strengthen his base’s commitment to his more radical messages.

This strategy prevents the rise of a more moderate opposition and keeps his followers united against any form of reconciliation.

Research by the Atlas Institute reveals Bolsonaro’s enduring popularity.

He shares the highest positive rating with São Paulo Governor Tarcísio de Freitas at 43%, despite high disapproval.

Bolsonaro’s approval rate has remained stable over the last six months, indicating a consistent base of support.

Survey data show how Toffoli’s decisions and Lula’s justice policies, especially their leniency towards minor offenses, shape public perception.

Brazilians place crime and corruption at the top of their concerns list, above poverty, unemployment, and social inequality.

This focus is evident among Bolsonaro supporters, with 81% naming corruption as a primary concern.

Brazil’s Polarized Landscape

The nomination of Flávio Dino to the STF and the backlash against Sergio Moro for his perceived stance on Dino demonstrate the deep divisions within Bolsonaro’s support base.

These events suggest a strong resistance to political reconciliation among Bolsonaro’s followers.

Bolsonaro’s narratives of being targeted by the judiciary and the government resonate with his base, despite Brazil not descending into the chaos he predicted.

Lula’s rising approval contrasts with the continued confrontation fueled by actions seen as adversarial to Bolsonaro.

This political landscape illustrates the complexities of Brazil’s discourse, where opposition to Bolsonaro paradoxically strengthens his position.

Understanding these dynamics is crucial for navigating Brazil’s future political and social challenges.

Read More from The Rio Times

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.