IBOV 177,866 ▲ 2.97% IPSA 11,057 ▲ 0.28% IPC MEX 66,496 ▲ 0.59% MERVAL 3,280,224 ▲ 2.43% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,194.27 ▲ 1.29% USD/BRL5.11▲ 0.02% USD/MXN17.48▲ 0.03% USD/CLP923.90▼ 0.41% USD/COP3,237▼ 0.27% USD/PEN3.41▲ 0.44% USD/ARS1,487▼ 0.03% USD/UYU40.22▲ 1.37% USD/PYG6,055▲ 1.45% USD/BOB10.14▲ 4.01% USD/DOP58.61▲ 0.22% USD/CRC448.82▲ 1.41% USD/GTQ7.63▲ 2.31% USD/HNL26.72▲ 0.09% USD/NIO 36.62 — 0.00% USD/VES719.54▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD158.09▲ 0.40% USD/TTD6.75▲ 1.44% EUR/BRL5.82▲ 0.08% BRENT 78.14 ▲ 2.80% WTI 73.31 ▲ 2.66% IRON ORE 161.91 — — COPPER 6.26 ▲ 0.47% GOLD 4,086 ▼ 0.45% SILVER 59.29 ▼ 0.87% SOY 1,194 ▼ 0.21% CORN 466.00 ▲ 6.39% WHEAT 640.75 ▲ 1.38% COFFEE 318.60 ▼ 10.74% SUGAR 14.77 ▼ 0.74% ORANGE JUICE 143.25 ▼ 4.44% COTTON 80.98 ▲ 1.33% COCOA 6,100 ▼ 3.31% BEEF 230.55 ▼ 2.00% CATTLE 354.60 ▼ 0.44% LITHIUM 72.32 ▼ 0.69% PETR4 39.65 ▲ 1.12% VALE3 74.18 ▲ 1.41% ITUB4 44.30 ▲ 4.02% BBDC4 18.86 ▲ 4.78% ABEV3 15.82 ▲ 0.64% BBAS3 20.58 ▲ 2.90% B3SA3 15.42 ▲ 4.26% WEGE3 46.51 ▲ 1.68% PRIO3 55.45 ▼ 0.29% SUZB3 41.55 ▲ 1.27% RENT3 41.10 ▲ 4.31% AZZA3 19.10 ▲ 3.47% CSAN3 4.07 ▲ 5.44% RAIZ4 0.35 ▼ 5.41% PCAR3 2.73 ▼ 1.09% GMAT3 3.97 ▲ 1.02% PSSA3 54.97 ▲ 3.04% CVCB3 1.25 — 0.00% POSI3 3.97 ▲ 3.12% SLCE3 14.02 ▲ 1.67% NATU3 8.68 ▲ 2.60% BRKM5 6.63 ▲ 4.25% RANI3 8.01 ▲ 1.91% CSNA3 5.18 ▲ 7.92% CMIN3 5.23 ▲ 8.28% USIM5 8.45 ▲ 1.20% GGBR4 23.01 ▲ 2.36% ENEV3 27.55 ▲ 5.15% CPFE3 47.87 ▲ 3.41% CMIG4 11.38 ▲ 2.71% EQTL3 40.91 ▲ 3.54% LREN3 14.62 ▲ 3.32% VIVT3 35.75 ▲ 3.62% RAIL3 14.36 ▲ 4.44% KLABIN 17.54 ▲ 0.80% RAIA DROGASIL 18.77 ▲ 3.53% RDOR3 36.02 ▲ 2.48% HAPV3 10.60 ▲ 5.26% FLRY3 16.42 ▲ 4.25% SMTO3 16.37 ▲ 1.99% UGPA3 30.71 ▲ 2.03% VBBR3 33.00 ▲ 2.80% BBSE3 40.35 ▲ 2.72% BPAC11 58.73 ▲ 5.48% CURY3 34.21 ▲ 4.62% AERI3 2.09 ▲ 1.46% VIVARA 23.53 ▲ 4.21% COMPASS 25.50 ▲ 3.32% VAMOS 3.06 ▲ 3.38% SANB11 27.62 ▲ 5.22% ASAI3 8.87 ▲ 4.85% SBSP3 31.11 ▲ 3.70% WALMEX 49.31 ▲ 0.59% GMEXICO 198.62 ▲ 1.68% FEMSA 223.20 ▲ 0.37% CEMEX 21.82 ▲ 0.51% GFNORTE 186.51 ▲ 0.63% BIMBO 56.06 ▲ 0.23% TELEVISA 9.74 ▲ 2.63% AMX 22.70 ▲ 0.27% GAP 412.01 ▼ 0.41% ASUR 285.12 ▲ 0.53% OMA 235.73 ▼ 0.95% KOF 182.08 ▲ 0.65% GRUMA 282.99 ▲ 0.14% KIMBER 38.13 ▼ 0.81% SQM-B 67,750 ▼ 1.95% COPEC 6,139 ▲ 1.98% BSANTANDER 79.00 ▲ 1.94% FALABELLA 5,905 ▲ 0.92% ENELAM 85.40 ▲ 1.47% CENCOSUD 2,045 ▼ 0.55% CMPC 1,109 ▲ 1.32% BANCO CHILE 188.88 ▲ 1.01% LATAM AIR 26.26 ▼ 0.53% YPF 74,450 ▼ 1.75% GGAL 8,350 ▲ 5.96% PAMPA 5,185 ▼ 0.38% TXAR 671.00 ▲ 0.98% ALUAR 978.00 ▲ 0.98% TGS 9,610 ▲ 3.22% CEPU 2,405 ▲ 3.89% MIRGOR 17,375 ▲ 1.02% COME 45.90 ▲ 1.06% LOMA NEGRA 3,583 ▲ 2.43% BYMA 314.00 ▲ 1.37% TELECOM ARG 4,248 ▲ 3.09% ECOPETROL 15.59 ▲ 1.27% BANCOLOMBIA 82.95 ▲ 2.50% GRUPO AVAL 5.08 ▲ 1.20% CREDICORP 400.81 ▲ 2.27% SOUTHERN COPPER 175.83 ▲ 0.80% BUENAVENTURA 30.00 ▲ 1.52% MERCADOLIBRE 1,852 ▲ 2.46% NUBANK 13.76 ▲ 0.66% XP 16.92 ▲ 3.11% PAGSEGURO 9.25 ▲ 2.78% STONE 11.21 ▲ 2.28% GLOBANT 29.96 ▼ 4.25% TECNOGLASS 43.90 ▲ 1.76% GAP AIRPORT 235.64 ▲ 0.50% ASUR 285.12 ▲ 0.53% OMA AIRPORT 108.09 ▼ 0.22% AMX ADR 26.04 ▲ 0.77% FEMSA ADR 127.70 ▲ 0.55% CEMEX ADR 12.48 ▲ 0.89% PETROBRAS ADR 17.32 ▲ 1.70% VALE ADR 14.46 ▲ 1.69% ITAU ADR 8.62 ▲ 4.11% SANTANDER BR 5.39 ▲ 4.86% AMBEV ADR 3.07 ▲ 0.99% CSN 1.01 ▲ 5.79% GERDAU 4.50 ▲ 2.04% LATAM ADR 56.45 ▼ 1.03% BTC 63,018 ▼ 1.16% ETH 1,785 ▼ 1.15% SOL 76.42 ▼ 0.59% XRP 1.08 ▼ 0.62% BNB 569.54 ▼ 0.77% ADA 0.16 ▼ 1.33% DOGE 0.07 ▼ 0.44% AVAX 6.52 ▲ 1.84% LINK 7.98 ▼ 0.13% DOT 0.83 ▼ 1.09% LTC 43.91 ▼ 0.14% BCH 238.23 ▼ 0.72% TRX 0.33 ▼ 0.43% XLM 0.18 ▼ 1.32% HBAR 0.07 ▲ 0.38% NEAR 1.92 ▲ 1.39% ATOM 1.54 ▼ 1.35% AAVE 95.26 ▼ 1.86% SELIC 14.25% EMBRAER 84.60 ▲ 0.88% EMBRAER ADR 66.01 ▲ 0.72% JBS 11.91 ▲ 1.53% JBS BDR 60.78 ▲ 1.22% MBRF3 15.55 ▲ 0.91% MBRFY 2.97 ▼ 1.00% INTER 5.82 ▲ 1.93% EGX 52,440 ▲ 0.35% USD/ZAR16.36▲ 0.20% USD/NGN 1,376 — 0.00% NIKKEI 67,243 ▼ 1.92% CSI300 4,695 ▼ 1.79% HSI 24,214 ▲ 0.16% NIFTY 24,198 ▼ 0.04% KOSPI 6,807 ▼ 8.95% JCI 5,954 ▲ 0.50% USD/JPY162.13▲ 0.25% USD/CNY6.78▲ 0.06% DAX 25,085 ▲ 0.07% CAC 8,326 ▼ 0.15% FTSE 10,485 ▼ 0.12% MIB 52,637 ▲ 0.04% IBEX 19,349 ▼ 0.18% STOXX 639.84 ▼ 0.20% EUR/USD1.14▲ 0.34% GBP/USD1.34▲ 0.09% SPX 7,575 ▲ 0.42% DJI 52,637 ▲ 0.29% NDX 29,825 ▲ 0.33% RUT 2,978 ▼ 0.49% TSX 35,305 ▲ 0.30% VIX 16.28 ▲ 8.32% USD/CAD1.41▼ 0.17% US10Y 4.5690 ▲ 0.66% IBOV 177,866 ▲ 2.97% IPSA 11,057 ▲ 0.28% IPC MEX 66,496 ▲ 0.59% MERVAL 3,280,224 ▲ 2.43% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,194.27 ▲ 1.29% USD/BRL 5.11 ▲ 0.02% USD/MXN 17.48 ▲ 0.03% USD/CLP 923.90 ▼ 0.41% USD/COP 3,237 ▼ 0.27% USD/PEN 3.41 ▲ 0.44% USD/ARS 1,487 ▼ 0.03% USD/UYU 40.22 ▲ 1.37% USD/PYG 6,055 ▲ 1.45% USD/BOB 10.14 ▲ 4.01% USD/DOP 58.61 ▲ 0.22% USD/CRC 448.82 ▲ 1.41% USD/GTQ 7.63 ▲ 2.31% USD/HNL 26.72 ▲ 0.09% USD/NIO 36.62 — 0.00% USD/VES 719.54 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 158.09 ▲ 0.40% USD/TTD 6.75 ▲ 1.44% EUR/BRL 5.82 ▲ 0.08% BRENT 78.14 ▲ 2.80% WTI 73.31 ▲ 2.66% IRON ORE 161.91 — — COPPER 6.26 ▲ 0.47% GOLD 4,086 ▼ 0.45% SILVER 59.29 ▼ 0.87% SOY 1,194 ▼ 0.21% CORN 466.00 ▲ 6.39% WHEAT 640.75 ▲ 1.38% COFFEE 318.60 ▼ 10.74% SUGAR 14.77 ▼ 0.74% ORANGE JUICE 143.25 ▼ 4.44% COTTON 80.98 ▲ 1.33% COCOA 6,100 ▼ 3.31% BEEF 230.55 ▼ 2.00% CATTLE 354.60 ▼ 0.44% LITHIUM 72.32 ▼ 0.69% PETR4 39.65 ▲ 1.12% VALE3 74.18 ▲ 1.41% ITUB4 44.30 ▲ 4.02% BBDC4 18.86 ▲ 4.78% ABEV3 15.82 ▲ 0.64% BBAS3 20.58 ▲ 2.90% B3SA3 15.42 ▲ 4.26% WEGE3 46.51 ▲ 1.68% PRIO3 55.45 ▼ 0.29% SUZB3 41.55 ▲ 1.27% RENT3 41.10 ▲ 4.31% AZZA3 19.10 ▲ 3.47% CSAN3 4.07 ▲ 5.44% RAIZ4 0.35 ▼ 5.41% PCAR3 2.73 ▼ 1.09% GMAT3 3.97 ▲ 1.02% PSSA3 54.97 ▲ 3.04% CVCB3 1.25 — 0.00% POSI3 3.97 ▲ 3.12% SLCE3 14.02 ▲ 1.67% NATU3 8.68 ▲ 2.60% BRKM5 6.63 ▲ 4.25% RANI3 8.01 ▲ 1.91% CSNA3 5.18 ▲ 7.92% CMIN3 5.23 ▲ 8.28% USIM5 8.45 ▲ 1.20% GGBR4 23.01 ▲ 2.36% ENEV3 27.55 ▲ 5.15% CPFE3 47.87 ▲ 3.41% CMIG4 11.38 ▲ 2.71% EQTL3 40.91 ▲ 3.54% LREN3 14.62 ▲ 3.32% VIVT3 35.75 ▲ 3.62% RAIL3 14.36 ▲ 4.44% KLABIN 17.54 ▲ 0.80% RAIA DROGASIL 18.77 ▲ 3.53% RDOR3 36.02 ▲ 2.48% HAPV3 10.60 ▲ 5.26% FLRY3 16.42 ▲ 4.25% SMTO3 16.37 ▲ 1.99% UGPA3 30.71 ▲ 2.03% VBBR3 33.00 ▲ 2.80% BBSE3 40.35 ▲ 2.72% BPAC11 58.73 ▲ 5.48% CURY3 34.21 ▲ 4.62% AERI3 2.09 ▲ 1.46% VIVARA 23.53 ▲ 4.21% COMPASS 25.50 ▲ 3.32% VAMOS 3.06 ▲ 3.38% SANB11 27.62 ▲ 5.22% ASAI3 8.87 ▲ 4.85% SBSP3 31.11 ▲ 3.70% WALMEX 49.31 ▲ 0.59% GMEXICO 198.62 ▲ 1.68% FEMSA 223.20 ▲ 0.37% CEMEX 21.82 ▲ 0.51% GFNORTE 186.51 ▲ 0.63% BIMBO 56.06 ▲ 0.23% TELEVISA 9.74 ▲ 2.63% AMX 22.70 ▲ 0.27% GAP 412.01 ▼ 0.41% ASUR 285.12 ▲ 0.53% OMA 235.73 ▼ 0.95% KOF 182.08 ▲ 0.65% GRUMA 282.99 ▲ 0.14% KIMBER 38.13 ▼ 0.81% SQM-B 67,750 ▼ 1.95% COPEC 6,139 ▲ 1.98% BSANTANDER 79.00 ▲ 1.94% FALABELLA 5,905 ▲ 0.92% ENELAM 85.40 ▲ 1.47% CENCOSUD 2,045 ▼ 0.55% CMPC 1,109 ▲ 1.32% BANCO CHILE 188.88 ▲ 1.01% LATAM AIR 26.26 ▼ 0.53% YPF 74,450 ▼ 1.75% GGAL 8,350 ▲ 5.96% PAMPA 5,185 ▼ 0.38% TXAR 671.00 ▲ 0.98% ALUAR 978.00 ▲ 0.98% TGS 9,610 ▲ 3.22% CEPU 2,405 ▲ 3.89% MIRGOR 17,375 ▲ 1.02% COME 45.90 ▲ 1.06% LOMA NEGRA 3,583 ▲ 2.43% BYMA 314.00 ▲ 1.37% TELECOM ARG 4,248 ▲ 3.09% ECOPETROL 15.59 ▲ 1.27% BANCOLOMBIA 82.95 ▲ 2.50% GRUPO AVAL 5.08 ▲ 1.20% CREDICORP 400.81 ▲ 2.27% SOUTHERN COPPER 175.83 ▲ 0.80% BUENAVENTURA 30.00 ▲ 1.52% MERCADOLIBRE 1,852 ▲ 2.46% NUBANK 13.76 ▲ 0.66% XP 16.92 ▲ 3.11% PAGSEGURO 9.25 ▲ 2.78% STONE 11.21 ▲ 2.28% GLOBANT 29.96 ▼ 4.25% TECNOGLASS 43.90 ▲ 1.76% GAP AIRPORT 235.64 ▲ 0.50% ASUR 285.12 ▲ 0.53% OMA AIRPORT 108.09 ▼ 0.22% AMX ADR 26.04 ▲ 0.77% FEMSA ADR 127.70 ▲ 0.55% CEMEX ADR 12.48 ▲ 0.89% PETROBRAS ADR 17.32 ▲ 1.70% VALE ADR 14.46 ▲ 1.69% ITAU ADR 8.62 ▲ 4.11% SANTANDER BR 5.39 ▲ 4.86% AMBEV ADR 3.07 ▲ 0.99% CSN 1.01 ▲ 5.79% GERDAU 4.50 ▲ 2.04% LATAM ADR 56.45 ▼ 1.03% BTC 63,018 ▼ 1.16% ETH 1,785 ▼ 1.15% SOL 76.42 ▼ 0.59% XRP 1.08 ▼ 0.62% BNB 569.54 ▼ 0.77% ADA 0.16 ▼ 1.33% DOGE 0.07 ▼ 0.44% AVAX 6.52 ▲ 1.84% LINK 7.98 ▼ 0.13% DOT 0.83 ▼ 1.09% LTC 43.91 ▼ 0.14% BCH 238.23 ▼ 0.72% TRX 0.33 ▼ 0.43% XLM 0.18 ▼ 1.32% HBAR 0.07 ▲ 0.38% NEAR 1.92 ▲ 1.39% ATOM 1.54 ▼ 1.35% AAVE 95.26 ▼ 1.86% SELIC 14.25% EMBRAER 84.60 ▲ 0.88% EMBRAER ADR 66.01 ▲ 0.72% JBS 11.91 ▲ 1.53% JBS BDR 60.78 ▲ 1.22% MBRF3 15.55 ▲ 0.91% MBRFY 2.97 ▼ 1.00% INTER 5.82 ▲ 1.93% EGX 52,440 ▲ 0.35% USD/ZAR 16.35 ▲ 0.05% USD/NGN 1,376 — 0.00% NIKKEI 67,243 ▼ 1.92% CSI300 4,695 ▼ 1.79% HSI 24,214 ▲ 0.16% NIFTY 24,198 ▼ 0.04% KOSPI 6,807 ▼ 8.95% JCI 5,954 ▲ 0.50% USD/JPY 162.11 ▲ 0.27% USD/CNY 6.7806 ▲ 0.21% DAX 25,085 ▲ 0.07% CAC 8,326 ▼ 0.15% FTSE 10,485 ▼ 0.12% MIB 52,637 ▲ 0.04% IBEX 19,349 ▼ 0.18% STOXX 639.84 ▼ 0.20% EUR/USD 1.1442 ▲ 0.20% GBP/USD 1.3399 ▲ 0.01% SPX 7,575 ▲ 0.42% DJI 52,637 ▲ 0.29% NDX 29,825 ▲ 0.33% RUT 2,978 ▼ 0.49% TSX 35,305 ▲ 0.30% VIX 16.28 ▲ 8.32% USD/CAD 1.4136 ▼ 0.11% US10Y 4.5690 ▲ 0.66%
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Guest Opinions Latin America

Opinion: One Year of Bolsonaro in Brazil – Threats, More Arms Sales and a Still Sluggish Economy

By · January 6, 2020 · 4 min read

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RIO DE JANEIRO, BRAZIL – The first year in office of Brazil’s President Jair Bolsonaro did not end without further polemics and worrying statistics.

Most recently, the Brazilian National Federation of Journalists (FENAJ) published statistics according to which Bolsonaro allegedly launched at least ten attacks per month on professional journalists, the media and the press in general during his first year in office.

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Most recently, the Brazilian National Federation of Journalists (FENAJ) published statistics according to which Bolsonaro allegedly launched at least ten attacks per month on professional journalists, the media and the press in general during his first year in office.
Most recently, the Brazilian National Federation of Journalists (FENAJ) published statistics according to which Bolsonaro allegedly launched at least ten attacks per month on professional journalists, the media and the press in general during his first year in office. (Photo internet reproduction)
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In addition, arms sales to private individuals have risen sharply, state security forces that have committed crimes have been pardoned on a large scale, and attempts have been made to return to torture methods similar to those used during the military dictatorship.

Just in time for Christmas, the ultra-right-wing President issued a pardon for delinquent security forces convicted of homicide. It is particularly controversial that the pardon also covers off-duty offenses committed as the result of “an existing risk to oneself or third parties”.

The Christmas pardon is a tradition and a presidential privilege in Brazil. This year, however, it has been used almost exclusively for the benefit of police officers, military personnel and firefighters. The fire brigade in Brazil is militarized and armed according to the French model and is one of its security forces.

In the past, the government had already tried to push a law that would guarantee police officers impunity for acts committed in “justified situations of fear, surprise or intense emotion”. However, his plan failed in Congress.

In addition, the number of deaths caused by police actions and by the army forces deployed in the course of the “Operations to Guarantee Law and Order” (GLO) has risen sharply over the past year.

Sales of firearms to civilians have also skyrocketed. By November, the number of registered weapons had increased by 48 percent. Bolsonaro has now, at the beginning of the year, urged citizens to arm themselves and reduced the bureaucratic hurdles for this.

In the course of this hardliner policy, the decision to dissolve the authority fighting torture was also taken, established six years ago by the then President Dilma Rousseff and which had supervisory duties over prisons, psychiatric and detention centers.

The UN, therefore, reprimanded Brazil for breaking the International Pact against Torture. Bolsonaro himself went one step further when he threatened to use the “Pau de Arará” (macaw’s perch, a notorious torture method from the time of the military dictatorship) in corruption cases.

Bolsonaro himself went one better when he threatened to use the "Pau de Arará" (macaw's perch, a notorious torture method from the time of the military dictatorship) in corruption cases.
Bolsonaro himself went one step further when he threatened to use the “Pau de Arará” (macaw’s perch, a notorious torture method from the time of the military dictatorship) in corruption cases. (Photo: Internet Reproduction)

Bolsonaro has thus largely kept his domestic pledges. However, the balance of his first year in office is likely to be modest. The economy is not yet in full rebound and is on the brink of recession. The high unemployment rate, which should drop as a result of his labor market reforms, remains high.

Nor can he claim any success in foreign policy. His rapprochement with the USA and his inclusion in the front line against Venezuela have not brought him any economic benefits.

The Brazilian north is dependent on Venezuelan electricity supplies and in the past Brazil has benefited from cheap energy imports from Venezuela, which are now failing to materialize.

Bolsonaro’s threats of military action against his northern neighbor have been removed by the military, as they are aware of the strategic weakness of their army in the Amazon basin.

In addition, the US has recently issued the surprising threat of raising import tariffs on Brazilian steel and aluminum, which was shortly after dropped by President Donald Trump.

After Bolsonaro had clearly stated what he thought of Fernández's election and showed no interest in coming to his inauguration, more conciliatory tones were heard at the beginning of the year.
After Bolsonaro had clearly stated what he thought of Fernández’s election and showed no interest in coming to his inauguration, more conciliatory tones were heard at the beginning of the year. (Photo: Internet Reproduction)

Moreover, the Mercosur regional alliance is also in crisis, despite potential ratification of the free trade agreement with the EU. Before the presidential elections in Argentina and a likely electoral success for center-left candidate Alberto Fernández, Bolsonaro’s threats ranged from excluding Argentina to a complete rupture with the alliance. However, this was put into perspective by Foreign Minister Ernesto Araújo.

After Bolsonaro had clearly stated what he thought of Fernández’s election and showed no interest in coming to his inauguration, more conciliatory tones were heard at the beginning of the year.

The Argentinean president was welcome in Brazil if he planned a visit. In addition, Bolsonaro is now hoping to work with Argentina to achieve a successful agreement with the EU.

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