IBOV 176,579 ▲ 0.48% IPSA 10,928 ▲ 0.16% IPC MEX 66,947 ▲ 1.48% MERVAL 3,269,974 ▲ 1.07% COLCAP 2,301.85 ▼ 0.25% BVL PERÚ 56,428.20 ▲ 2.28% USD/BRL5.07▼ 1.24% USD/MXN17.41▼ 0.68% USD/CLP925.97▼ 0.74% USD/COP3,253▼ 0.30% USD/PEN3.40▼ 0.47% USD/ARS1,478▼ 0.37% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.33▲ 0.42% USD/CRC448.93▲ 1.31% USD/GTQ7.62▲ 2.07% USD/HNL26.73▲ 1.38% USD/NIO36.62▲ 0.63% USD/VES722.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59▲ 0.64% USD/TTD6.75▲ 1.19% EUR/BRL5.81▼ 0.25% BRENT 85.05 ▲ 2.10% WTI 79.33 ▲ 1.52% IRON ORE 161.91 — — COPPER 6.43 ▲ 3.21% GOLD 4,087 ▲ 2.25% SILVER 59.56 ▲ 3.33% SOY 1,191 ▼ 0.92% CORN 460.00 ▲ 5.08% WHEAT 640.25 ▲ 2.11% COFFEE 336.35 ▼ 1.48% SUGAR 14.82 ▲ 0.47% ORANGE JUICE 135.70 ▼ 4.81% COTTON 81.07 ▲ 1.55% COCOA 5,603 ▼ 1.63% BEEF 228.43 ▼ 2.68% CATTLE 349.53 ▼ 1.36% LITHIUM 71.42 ▲ 1.68% PETR4 40.56 ▼ 0.25% VALE3 74.42 ▲ 2.16% ITUB4 43.85 ▲ 0.76% BBDC4 18.80 ▲ 0.16% ABEV3 15.96 ▲ 0.82% BBAS3 20.56 ▲ 1.58% B3SA3 15.35 ▲ 1.52% WEGE3 44.35 ▼ 0.09% PRIO3 56.92 ▼ 0.49% SUZB3 40.98 ▼ 1.23% RENT3 40.40 ▲ 0.50% AZZA3 18.76 ▼ 2.39% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.97 ▲ 0.76% PSSA3 54.36 ▲ 0.59% CVCB3 1.29 ▲ 3.20% POSI3 3.96 ▼ 0.75% SLCE3 13.77 ▼ 0.72% NATU3 8.47 ▼ 1.51% BRKM5 6.73 ▼ 3.03% RANI3 8.01 ▲ 0.75% CSNA3 5.17 ▼ 1.34% CMIN3 5.26 ▼ 3.49% USIM5 8.38 — 0.00% GGBR4 23.16 ▲ 1.49% ENEV3 26.90 ▲ 0.07% CPFE3 47.07 ▲ 0.49% CMIG4 11.15 ▲ 0.72% EQTL3 40.89 ▲ 1.69% LREN3 14.15 — 0.00% VIVT3 35.23 ▲ 1.44% RAIL3 14.15 ▲ 0.28% KLABIN 17.39 ▼ 0.51% RAIA DROGASIL 18.62 ▲ 2.31% RDOR3 35.93 ▲ 1.04% HAPV3 10.72 ▲ 2.49% FLRY3 16.28 ▲ 0.81% SMTO3 16.32 ▼ 0.31% UGPA3 29.73 ▼ 3.88% VBBR3 32.65 ▼ 0.34% BBSE3 40.40 ▲ 0.30% BPAC11 58.30 ▲ 1.36% CURY3 32.95 ▼ 0.51% AERI3 2.08 — 0.00% VIVARA 23.23 ▲ 0.52% COMPASS 25.19 ▲ 1.70% VAMOS 3.00 ▼ 0.66% SANB11 27.56 ▲ 0.69% ASAI3 8.62 ▼ 1.03% SBSP3 30.51 ▲ 0.46% WALMEX 49.58 ▼ 0.14% GMEXICO 203.36 ▲ 3.97% FEMSA 230.96 ▲ 2.48% CEMEX 22.70 ▲ 4.22% GFNORTE 186.38 ▲ 2.37% BIMBO 56.00 ▲ 0.23% TELEVISA 9.62 ▲ 0.10% AMX 22.92 ▲ 1.46% GAP 389.85 ▼ 4.49% ASUR 280.57 ▲ 0.69% OMA 236.51 ▲ 1.37% KOF 181.55 ▼ 0.07% GRUMA 280.49 ▼ 0.31% KIMBER 38.39 ▲ 0.44% SQM-B 67,664 ▲ 0.67% COPEC 6,050 ▼ 0.12% BSANTANDER 78.70 ▲ 0.64% FALABELLA 5,915 ▲ 0.17% ENELAM 84.83 ▲ 0.75% CENCOSUD 2,045 ▲ 0.24% CMPC 1,079 ▲ 0.07% BANCO CHILE 187.99 ▲ 1.62% LATAM AIR 24.51 ▼ 1.57% YPF 78,550 ▲ 1.78% GGAL 8,250 ▲ 2.10% PAMPA 5,250 ▲ 0.48% TXAR 664.00 ▼ 0.08% ALUAR 961.00 ▼ 0.36% TGS 9,665 ▲ 0.99% CEPU 2,324 ▲ 0.22% MIRGOR 17,000 — 0.00% COME 45.50 ▲ 1.61% LOMA NEGRA 3,545 ▲ 1.36% BYMA 306.50 ▼ 0.57% TELECOM ARG 4,278 ▲ 0.65% ECOPETROL 15.80 ▼ 0.50% BANCOLOMBIA 82.39 ▲ 2.45% GRUPO AVAL 4.95 ▲ 0.71% CREDICORP 394.54 ▲ 1.37% SOUTHERN COPPER 182.83 ▲ 4.76% BUENAVENTURA 31.29 ▲ 4.91% MERCADOLIBRE 1,890 ▲ 1.23% NUBANK 14.17 ▲ 3.62% XP 16.65 ▲ 1.71% PAGSEGURO 9.28 — 0.00% STONE 11.21 ▲ 0.49% GLOBANT 31.39 ▼ 2.27% TECNOGLASS 43.08 ▲ 0.56% GAP AIRPORT 225.56 ▼ 3.10% ASUR 280.57 ▲ 0.69% OMA AIRPORT 108.32 ▲ 2.06% AMX ADR 26.31 ▲ 1.08% FEMSA ADR 132.63 ▲ 2.81% CEMEX ADR 13.01 ▲ 4.46% PETROBRAS ADR 17.95 ▲ 0.39% VALE ADR 14.63 ▲ 3.17% ITAU ADR 8.61 ▲ 1.65% SANTANDER BR 5.45 ▲ 1.87% AMBEV ADR 3.12 ▲ 1.80% CSN 1.03 ▼ 0.49% GERDAU 4.58 ▲ 1.89% LATAM ADR 53.01 ▼ 0.60% BTC 64,018 ▲ 2.86% ETH 1,875 ▲ 5.74% SOL 77.15 ▲ 3.06% XRP 1.10 ▲ 3.32% BNB 580.38 ▲ 2.43% ADA 0.16 ▲ 4.18% DOGE 0.07 ▲ 3.55% AVAX 6.64 ▲ 3.04% LINK 8.32 ▲ 5.67% DOT 0.85 ▲ 1.73% LTC 44.60 ▲ 2.56% BCH 239.03 ▲ 1.18% TRX 0.33 ▲ 0.35% XLM 0.18 ▲ 2.00% HBAR 0.07 ▲ 0.84% NEAR 2.04 ▲ 6.27% ATOM 1.56 ▲ 1.43% AAVE 98.54 ▲ 4.43% SELIC 14.25% EMBRAER 83.00 ▼ 0.01% EMBRAER ADR 65.46 ▲ 1.51% JBS 11.70 ▼ 0.85% JBS BDR 59.35 ▼ 2.08% MBRF3 15.85 ▲ 0.83% MBRFY 3.07 ▲ 0.66% INTER 5.75 ▲ 1.68% EGX 52,299 ▼ 0.59% USD/ZAR16.34▼ 0.80% USD/NGN1,381▲ 0.07% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY161.96▼ 0.30% USD/CNY6.77▼ 0.16% DAX 25,136 ▲ 0.09% CAC 8,361 ▼ 0.04% FTSE 10,522 ▲ 0.23% MIB 52,897 ▲ 0.17% IBEX 19,363 ▲ 0.14% STOXX 641.66 ▲ 0.10% EUR/USD1.14▲ 0.54% GBP/USD1.34▲ 0.13% SPX 7,545 ▲ 0.40% DJI 52,513 ▲ 0.03% NDX 29,579 ▲ 1.07% RUT 2,965 ▲ 0.41% TSX 35,392 ▲ 0.40% VIX 16.48 ▼ 3.96% USD/CAD1.41▼ 0.68% US10Y 4.5710 ▼ 0.82% IBOV 176,579 ▲ 0.48% IPSA 10,928 ▲ 0.16% IPC MEX 66,947 ▲ 1.48% MERVAL 3,269,974 ▲ 1.07% COLCAP 2,301.85 ▼ 0.25% BVL PERÚ 56,428.20 ▲ 2.28% USD/BRL 5.07 ▼ 1.24% USD/MXN 17.41 ▼ 0.68% USD/CLP 925.97 ▼ 0.74% USD/COP 3,253 ▼ 0.30% USD/PEN 3.40 ▼ 0.47% USD/ARS 1,478 ▼ 0.37% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.33 ▲ 0.42% USD/CRC 448.93 ▲ 1.31% USD/GTQ 7.62 ▲ 2.07% USD/HNL 26.73 ▲ 1.38% USD/NIO 36.62 ▲ 0.63% USD/VES 722.19 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.64% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.81 ▼ 0.25% BRENT 85.05 ▲ 2.10% WTI 79.33 ▲ 1.52% IRON ORE 161.91 — — COPPER 6.43 ▲ 3.21% GOLD 4,087 ▲ 2.25% SILVER 59.56 ▲ 3.33% SOY 1,191 ▼ 0.92% CORN 460.00 ▲ 5.08% WHEAT 640.25 ▲ 2.11% COFFEE 336.35 ▼ 1.48% SUGAR 14.82 ▲ 0.47% ORANGE JUICE 135.70 ▼ 4.81% COTTON 81.07 ▲ 1.55% COCOA 5,603 ▼ 1.63% BEEF 228.43 ▼ 2.68% CATTLE 349.53 ▼ 1.36% LITHIUM 71.42 ▲ 1.68% PETR4 40.56 ▼ 0.25% VALE3 74.42 ▲ 2.16% ITUB4 43.85 ▲ 0.76% BBDC4 18.80 ▲ 0.16% ABEV3 15.96 ▲ 0.82% BBAS3 20.56 ▲ 1.58% B3SA3 15.35 ▲ 1.52% WEGE3 44.35 ▼ 0.09% PRIO3 56.92 ▼ 0.49% SUZB3 40.98 ▼ 1.23% RENT3 40.40 ▲ 0.50% AZZA3 18.76 ▼ 2.39% CSAN3 3.88 ▼ 0.51% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.97 ▲ 0.76% PSSA3 54.36 ▲ 0.59% CVCB3 1.29 ▲ 3.20% POSI3 3.96 ▼ 0.75% SLCE3 13.77 ▼ 0.72% NATU3 8.47 ▼ 1.51% BRKM5 6.73 ▼ 3.03% RANI3 8.01 ▲ 0.75% CSNA3 5.17 ▼ 1.34% CMIN3 5.26 ▼ 3.49% USIM5 8.38 — 0.00% GGBR4 23.16 ▲ 1.49% ENEV3 26.90 ▲ 0.07% CPFE3 47.07 ▲ 0.49% CMIG4 11.15 ▲ 0.72% EQTL3 40.89 ▲ 1.69% LREN3 14.15 — 0.00% VIVT3 35.23 ▲ 1.44% RAIL3 14.15 ▲ 0.28% KLABIN 17.39 ▼ 0.51% RAIA DROGASIL 18.62 ▲ 2.31% RDOR3 35.93 ▲ 1.04% HAPV3 10.72 ▲ 2.49% FLRY3 16.28 ▲ 0.81% SMTO3 16.32 ▼ 0.31% UGPA3 29.73 ▼ 3.88% VBBR3 32.65 ▼ 0.34% BBSE3 40.40 ▲ 0.30% BPAC11 58.30 ▲ 1.36% CURY3 32.95 ▼ 0.51% AERI3 2.08 — 0.00% VIVARA 23.23 ▲ 0.52% COMPASS 25.19 ▲ 1.70% VAMOS 3.00 ▼ 0.66% SANB11 27.56 ▲ 0.69% ASAI3 8.62 ▼ 1.03% SBSP3 30.51 ▲ 0.46% WALMEX 49.58 ▼ 0.14% GMEXICO 203.36 ▲ 3.97% FEMSA 230.96 ▲ 2.48% CEMEX 22.70 ▲ 4.22% GFNORTE 186.38 ▲ 2.37% BIMBO 56.00 ▲ 0.23% TELEVISA 9.62 ▲ 0.10% AMX 22.92 ▲ 1.46% GAP 389.85 ▼ 4.49% ASUR 280.57 ▲ 0.69% OMA 236.51 ▲ 1.37% KOF 181.55 ▼ 0.07% GRUMA 280.49 ▼ 0.31% KIMBER 38.39 ▲ 0.44% SQM-B 67,664 ▲ 0.67% COPEC 6,050 ▼ 0.12% BSANTANDER 78.70 ▲ 0.64% FALABELLA 5,915 ▲ 0.17% ENELAM 84.83 ▲ 0.75% CENCOSUD 2,045 ▲ 0.24% CMPC 1,079 ▲ 0.07% BANCO CHILE 187.99 ▲ 1.62% LATAM AIR 24.51 ▼ 1.57% YPF 78,550 ▲ 1.78% GGAL 8,250 ▲ 2.10% PAMPA 5,250 ▲ 0.48% TXAR 664.00 ▼ 0.08% ALUAR 961.00 ▼ 0.36% TGS 9,665 ▲ 0.99% CEPU 2,324 ▲ 0.22% MIRGOR 17,000 — 0.00% COME 45.50 ▲ 1.61% LOMA NEGRA 3,545 ▲ 1.36% BYMA 306.50 ▼ 0.57% TELECOM ARG 4,278 ▲ 0.65% ECOPETROL 15.80 ▼ 0.50% BANCOLOMBIA 82.39 ▲ 2.45% GRUPO AVAL 4.95 ▲ 0.71% CREDICORP 394.54 ▲ 1.37% SOUTHERN COPPER 182.83 ▲ 4.76% BUENAVENTURA 31.29 ▲ 4.91% MERCADOLIBRE 1,890 ▲ 1.23% NUBANK 14.17 ▲ 3.62% XP 16.65 ▲ 1.71% PAGSEGURO 9.28 — 0.00% STONE 11.21 ▲ 0.49% GLOBANT 31.39 ▼ 2.27% TECNOGLASS 43.08 ▲ 0.56% GAP AIRPORT 225.56 ▼ 3.10% ASUR 280.57 ▲ 0.69% OMA AIRPORT 108.32 ▲ 2.06% AMX ADR 26.31 ▲ 1.08% FEMSA ADR 132.63 ▲ 2.81% CEMEX ADR 13.01 ▲ 4.46% PETROBRAS ADR 17.95 ▲ 0.39% VALE ADR 14.63 ▲ 3.17% ITAU ADR 8.61 ▲ 1.65% SANTANDER BR 5.45 ▲ 1.87% AMBEV ADR 3.12 ▲ 1.80% CSN 1.03 ▼ 0.49% GERDAU 4.58 ▲ 1.89% LATAM ADR 53.01 ▼ 0.60% BTC 64,018 ▲ 2.86% ETH 1,875 ▲ 5.74% SOL 77.15 ▲ 3.06% XRP 1.10 ▲ 3.32% BNB 580.38 ▲ 2.43% ADA 0.16 ▲ 4.18% DOGE 0.07 ▲ 3.55% AVAX 6.64 ▲ 3.04% LINK 8.32 ▲ 5.67% DOT 0.85 ▲ 1.73% LTC 44.60 ▲ 2.56% BCH 239.03 ▲ 1.18% TRX 0.33 ▲ 0.35% XLM 0.18 ▲ 2.00% HBAR 0.07 ▲ 0.84% NEAR 2.04 ▲ 6.27% ATOM 1.56 ▲ 1.43% AAVE 98.54 ▲ 4.43% SELIC 14.25% EMBRAER 83.00 ▼ 0.01% EMBRAER ADR 65.46 ▲ 1.51% JBS 11.70 ▼ 0.85% JBS BDR 59.35 ▼ 2.08% MBRF3 15.85 ▲ 0.83% MBRFY 3.07 ▲ 0.66% INTER 5.75 ▲ 1.68% EGX 52,299 ▼ 0.59% USD/ZAR 16.33 ▼ 0.78% USD/NGN 1,381 ▲ 0.20% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY 161.97 ▼ 0.29% USD/CNY 6.7695 ▼ 0.02% DAX 25,136 ▲ 0.09% CAC 8,361 ▼ 0.04% FTSE 10,522 ▲ 0.23% MIB 52,897 ▲ 0.17% IBEX 19,363 ▲ 0.14% STOXX 641.66 ▲ 0.10% EUR/USD 1.1448 ▲ 0.54% GBP/USD 1.3407 ▲ 0.43% SPX 7,545 ▲ 0.40% DJI 52,513 ▲ 0.03% NDX 29,579 ▲ 1.07% RUT 2,965 ▲ 0.41% TSX 35,392 ▲ 0.40% VIX 16.48 ▼ 3.96% USD/CAD 1.4056 ▼ 0.69% US10Y 4.5710 ▼ 0.82%
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Opinion: Brazil’s World Cup Doldrums

By · June 19, 2018 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – As ancient mariners told the tale, the Doldrums were that part of the ocean near the equator where the winds die down completely, leaving sailing ships bereft of movement for weeks, inducing “inactivity, listlessness and mild depression”.

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Since 1930, however, once every four years as the sun nears its solstice, the doldrums expand their reach to points far south of the Equator, indeed to the Tropic of Capricorn and beyond.

In Brazil, this recurring quaternary function is called “Copa do Mundo”. “Mundo” means “World” and “Copa” is best translated as “Stop”—as in “Stop the world, we want off!

In Brazil, this is particularly the case with politics, as the Copa do Mundo games just happen to coincide with national and state elections, which the doldrums precede by four months.

Occasionally, governments have attempted to use the doldrums for self-promotion—in 1970, during the height of the military dictatorship, four-starred generals tried to hitch their wagons to the stars of the “Seleção Canarinha” which swept through all comers on its way to winning the Cup for the third time.

The generals failed miserably, as no one paid a blind bit of attention to their propaganda—the people were all glued to the tube, watching the first ever transmission of color TV in Brazil.

As civilian rule returned, Brazilians looked forward to the World Cup with an enthusiasm unrivalled by anything other than Carnival.

Everyone, and we mean everyone, wore yellow and green clothing on game days, everyone had flags or banners hanging out their home and car windows, residential streets were painted with football motifs and festooned with streamers bearing yellow and green pendants.

Until 2013. That was the year of the protests, the ones that began over a 20-centavo increase in city bus fares, but were not about the 20 centavos. They were about a lack of representation and a lack of basic public services like health, education and welfare.

Holding the 2014 World Cup in Brazil did not assuage the resentment felt by the people, and the 7 – 1 defeat by Germany served as a metaphor for the abject failure of Brazil’s politicians to provide what the people wanted—representation and public services.

In 2016, the “Dump Dilma” movement convinced its supporters to use yellow and green shirts to show their support for impeachment, and many did—but the only yellow and green shirts most people had ever worn those from the “Seleção” of years back.

By this year’s Winter Solstice, after Dilma’s impeachment led only to economic and political uncertainty, with little likelihood that the October elections would bring a breath of fresh air, yellow and green have gone out of fashion as millions of Brazilians have succumbed to “inactivity, listlessness and mild depression”.

So, this month, if you’re in Brazil, do not look for lots of yellow and green clothing; do not expect to find streets and homes and apartment blocks festively decked out in canary colors; do not expect to find people in a good mood—no matter whether Brazil wins or loses its World Cup matches.

We’re in the Doldrums.

 

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