IBOV 173,295 ▲ 0.76% IPSA 10,762 ▲ 0.52% IPC MEX 67,226 ▼ 0.28% MERVAL 3,123,411 ▲ 0.88% COLCAP 2,286.19 ▲ 1.09% BVL PERÚ 55,499.07 ▲ 1.21% USD/BRL5.17▼ 0.04% USD/MXN17.50▼ 0.06% USD/CLP 921.85 — 0.00% USD/COP3,437▼ 0.25% USD/PEN3.41▼ 0.47% USD/ARS1,477▼ 0.02% USD/UYU40.22▲ 2.10% USD/PYG6,084▲ 1.66% USD/BOB6.86▲ 1.88% USD/DOP59.28▲ 2.37% USD/CRC450.59▲ 1.75% USD/GTQ7.62▲ 2.31% USD/HNL26.70▲ 0.40% USD/NIO36.62▲ 0.31% USD/VES620.66▲ 5.79% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD156.59▲ 0.44% USD/TTD6.74▲ 1.41% EUR/BRL5.88▼ 0.38% BRENT 72.60 ▼ 3.53% WTI 69.23 ▼ 3.74% IRON ORE 161.91 — — COPPER 6.21 ▲ 2.25% GOLD 4,096 ▲ 1.63% SILVER 59.67 ▲ 2.27% SOY 1,156 ▲ 2.55% CORN 421.75 ▲ 1.69% WHEAT 589.75 ▼ 0.21% COFFEE 261.25 ▼ 9.54% SUGAR 14.55 ▲ 7.38% ORANGE JUICE 148.60 ▲ 11.44% COTTON 76.78 ▲ 4.60% COCOA 5,217 ▲ 1.12% BEEF 245.83 ▼ 4.50% CATTLE 369.85 ▼ 0.92% LITHIUM 75.93 ▼ 3.21% PETR4 38.06 ▼ 1.01% VALE3 78.15 ▼ 0.65% ITUB4 42.24 ▲ 1.30% BBDC4 17.92 ▲ 1.70% ABEV3 16.73 ▲ 2.07% BBAS3 20.34 ▲ 1.45% B3SA3 14.92 ▲ 2.12% WEGE3 46.90 ▲ 0.86% PRIO3 53.29 ▼ 1.21% SUZB3 40.11 ▼ 4.50% RENT3 43.10 ▲ 1.77% AZZA3 18.99 ▼ 4.09% CSAN3 3.76 ▲ 1.35% RAIZ4 0.41 ▼ 2.38% PCAR3 2.28 ▲ 0.89% GMAT3 3.87 ▲ 1.04% PSSA3 53.26 ▲ 1.25% CVCB3 1.41 ▼ 0.70% POSI3 3.99 ▲ 1.53% SLCE3 13.17 ▼ 0.98% NATU3 7.98 ▲ 2.05% BRKM5 6.25 ▼ 8.36% RANI3 7.80 ▲ 0.39% CSNA3 4.73 ▼ 1.87% CMIN3 4.25 ▲ 0.24% USIM5 8.27 ▼ 2.71% GGBR4 21.42 ▼ 0.09% ENEV3 26.81 ▲ 2.64% NEOE3 33.80 — 0.00% CPFE3 45.50 ▲ 0.84% CMIG4 10.96 ▲ 1.58% EQTL3 39.75 ▲ 1.79% LREN3 14.97 ▲ 3.10% VIVT3 34.79 ▲ 0.64% RAIL3 13.69 ▲ 1.78% KLABIN 16.96 ▼ 0.53% RAIA DROGASIL 17.35 ▲ 0.87% RDOR3 34.71 ▲ 1.00% HAPV3 10.24 ▲ 1.19% FLRY3 15.61 ▲ 1.04% SMTO3 15.04 ▲ 2.24% UGPA3 25.60 ▲ 1.39% VBBR3 29.69 ▲ 1.78% BBSE3 39.17 ▲ 0.77% BPAC11 54.66 ▲ 0.66% CURY3 35.11 ▲ 1.15% AERI3 2.08 ▲ 0.48% VIVARA 23.54 ▲ 1.99% COMPASS 24.94 ▼ 2.35% VAMOS 2.88 ▲ 2.13% SANB11 26.35 ▲ 0.57% ASAI3 8.83 ▲ 2.56% SBSP3 29.60 ▲ 2.42% WALMEX 50.86 ▼ 0.51% GMEXICO 200.00 ▼ 1.48% FEMSA 225.20 ▲ 2.85% CEMEX 21.51 ▼ 0.97% GFNORTE 182.90 ▼ 1.59% BIMBO 57.09 ▲ 1.66% TELEVISA 9.48 ▼ 1.46% AMX 23.20 ▲ 0.74% GAP 441.57 ▼ 0.06% ASUR 308.43 ▼ 0.38% OMA 245.60 ▲ 0.65% KOF 186.96 ▲ 1.29% GRUMA 283.22 ▲ 0.17% KIMBER 38.85 ▲ 1.68% SQM-B 65,950 ▼ 1.64% COPEC 5,765 ▼ 0.64% BSANTANDER 75.00 ▲ 2.04% FALABELLA 5,911 ▲ 0.36% ENELAM 82.00 ▲ 0.60% CENCOSUD 2,127 ▲ 0.19% CMPC 1,040 — 0.00% BANCO CHILE 177.80 ▲ 0.11% LATAM AIR 26.97 ▲ 3.25% YPF 70,050 ▼ 0.99% GGAL 7,715 ▲ 1.45% PAMPA 4,973 ▲ 0.25% TXAR 682.50 ▲ 1.49% ALUAR 991.00 ▲ 0.10% TGS 9,225 ▲ 1.15% CEPU 2,274 ▲ 2.29% MIRGOR 16,075 ▲ 0.16% COME 41.38 ▲ 0.88% LOMA NEGRA 3,555 ▲ 0.21% BYMA 307.75 ▲ 2.16% TELECOM ARG 3,958 ▲ 0.19% ECOPETROL 14.72 ▲ 1.87% BANCOLOMBIA 79.27 — 0.00% GRUPO AVAL 5.08 ▼ 0.39% CREDICORP 384.10 ▲ 0.97% SOUTHERN COPPER 171.26 ▼ 1.99% BUENAVENTURA 30.42 — 0.00% MERCADOLIBRE 1,675 ▲ 3.45% NUBANK 13.17 ▲ 5.70% XP 16.13 ▲ 2.22% PAGSEGURO 9.07 ▲ 3.78% STONE 10.99 ▲ 1.85% GLOBANT 30.03 ▲ 8.29% TECNOGLASS 44.75 — 0.00% GAP AIRPORT 252.48 ▲ 0.11% ASUR 308.43 ▼ 0.38% OMA AIRPORT 111.99 ▼ 0.02% AMX ADR 26.41 ▲ 0.42% FEMSA ADR 128.87 ▲ 2.79% CEMEX ADR 12.28 ▼ 0.81% PETROBRAS ADR 16.29 ▼ 1.39% VALE ADR 15.07 ▼ 0.33% ITAU ADR 8.23 ▲ 2.49% SANTANDER BR 5.20 ▲ 0.78% AMBEV ADR 3.23 ▲ 2.87% CSN 0.94 ▼ 1.91% GERDAU 4.15 ▲ 0.24% LATAM ADR 58.63 ▲ 3.03% BTC 60,165 ▲ 0.25% ETH 1,578 ▲ 0.06% SOL 71.11 ▼ 1.01% XRP 1.05 ▲ 0.61% BNB 558.66 ▼ 1.45% ADA 0.15 ▼ 1.89% DOGE 0.07 ▼ 1.21% AVAX 6.43 ▼ 2.28% LINK 7.32 ▼ 0.26% DOT 0.83 ▼ 2.54% LTC 42.31 ▲ 1.11% BCH 196.62 ▼ 0.08% TRX 0.32 — 0.00% XLM 0.17 ▼ 2.00% HBAR 0.07 ▲ 1.92% NEAR 1.86 ▲ 3.42% ATOM 1.57 ▼ 1.59% AAVE 93.82 ▼ 1.06% SELIC 14.25% EMBRAER 81.90 ▲ 0.99% EMBRAER ADR 63.75 ▲ 1.51% JBS 12.22 ▲ 1.58% JBS BDR 62.67 ▲ 0.87% MBRF3 17.10 ▲ 2.70% MBRFY 3.25 — 0.00% INTER 5.44 ▲ 3.82% EGX 51,443 ▼ 0.52% USD/ZAR16.41— 0.00% USD/NGN1,378▼ 0.09% NIKKEI 69,361 ▼ 4.15% CSI300 4,868 ▼ 3.03% HSI 22,672 ▼ 1.76% NIFTY 24,056 ▲ 0.14% KOSPI 8,411 ▼ 5.81% JCI 5,896 ▼ 1.72% USD/JPY161.69▼ 0.02% USD/CNY6.79▼ 0.12% DAX 24,671 ▼ 1.29% CAC 8,385 ▼ 0.55% FTSE 10,508 ▼ 0.21% MIB 51,265 ▼ 1.00% IBEX 19,425 ▼ 0.45% STOXX 635.88 ▼ 0.68% EUR/USD1.14▲ 0.18% GBP/USD1.32▲ 0.24% SPX 7,354 ▼ 0.05% DJI 51,876 ▼ 0.09% NDX 29,118 ▼ 1.09% RUT 3,010 ▲ 0.07% TSX 34,980 ▲ 0.37% VIX 18.41 ▼ 2.54% USD/CAD1.42— 0.00% US10Y 4.3720 ▼ 0.46% IBOV 173,295 ▲ 0.76% IPSA 10,762 ▲ 0.52% IPC MEX 67,226 ▼ 0.28% MERVAL 3,123,411 ▲ 0.88% COLCAP 2,286.19 ▲ 1.09% BVL PERÚ 55,499.07 ▲ 1.21% USD/BRL 5.17 ▼ 0.04% USD/MXN 17.50 ▼ 0.06% USD/CLP 921.85 — 0.00% USD/COP 3,437 ▼ 0.25% USD/PEN 3.41 ▼ 0.47% USD/ARS 1,477 ▼ 0.02% USD/UYU 40.22 ▲ 2.10% USD/PYG 6,084 ▲ 1.66% USD/BOB 6.86 ▲ 1.88% USD/DOP 59.28 ▲ 2.37% USD/CRC 450.59 ▲ 1.75% USD/GTQ 7.62 ▲ 2.31% USD/HNL 26.70 ▲ 0.40% USD/NIO 36.62 ▲ 0.31% USD/VES 620.66 ▲ 5.79% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 156.59 ▲ 0.62% USD/TTD 6.74 ▲ 1.49% EUR/BRL 5.88 ▼ 0.38% BRENT 72.60 ▼ 3.53% WTI 69.23 ▼ 3.74% IRON ORE 161.91 — — COPPER 6.21 ▲ 2.25% GOLD 4,096 ▲ 1.63% SILVER 59.67 ▲ 2.27% SOY 1,156 ▲ 2.55% CORN 421.75 ▲ 1.69% WHEAT 589.75 ▼ 0.21% COFFEE 261.25 ▼ 9.54% SUGAR 14.55 ▲ 7.38% ORANGE JUICE 148.60 ▲ 11.44% COTTON 76.78 ▲ 4.60% COCOA 5,217 ▲ 1.12% BEEF 245.83 ▼ 4.50% CATTLE 369.85 ▼ 0.92% LITHIUM 75.93 ▼ 3.21% PETR4 38.06 ▼ 1.01% VALE3 78.15 ▼ 0.65% ITUB4 42.24 ▲ 1.30% BBDC4 17.92 ▲ 1.70% ABEV3 16.73 ▲ 2.07% BBAS3 20.34 ▲ 1.45% B3SA3 14.92 ▲ 2.12% WEGE3 46.90 ▲ 0.86% PRIO3 53.29 ▼ 1.21% SUZB3 40.11 ▼ 4.50% RENT3 43.10 ▲ 1.77% AZZA3 18.99 ▼ 4.09% CSAN3 3.76 ▲ 1.35% RAIZ4 0.41 ▼ 2.38% PCAR3 2.28 ▲ 0.89% GMAT3 3.87 ▲ 1.04% PSSA3 53.26 ▲ 1.25% CVCB3 1.41 ▼ 0.70% POSI3 3.99 ▲ 1.53% SLCE3 13.17 ▼ 0.98% NATU3 7.98 ▲ 2.05% BRKM5 6.25 ▼ 8.36% RANI3 7.80 ▲ 0.39% CSNA3 4.73 ▼ 1.87% CMIN3 4.25 ▲ 0.24% USIM5 8.27 ▼ 2.71% GGBR4 21.42 ▼ 0.09% ENEV3 26.81 ▲ 2.64% NEOE3 33.80 — 0.00% CPFE3 45.50 ▲ 0.84% CMIG4 10.96 ▲ 1.58% EQTL3 39.75 ▲ 1.79% LREN3 14.97 ▲ 3.10% VIVT3 34.79 ▲ 0.64% RAIL3 13.69 ▲ 1.78% KLABIN 16.96 ▼ 0.53% RAIA DROGASIL 17.35 ▲ 0.87% RDOR3 34.71 ▲ 1.00% HAPV3 10.24 ▲ 1.19% FLRY3 15.61 ▲ 1.04% SMTO3 15.04 ▲ 2.24% UGPA3 25.60 ▲ 1.39% VBBR3 29.69 ▲ 1.78% BBSE3 39.17 ▲ 0.77% BPAC11 54.66 ▲ 0.66% CURY3 35.11 ▲ 1.15% AERI3 2.08 ▲ 0.48% VIVARA 23.54 ▲ 1.99% COMPASS 24.94 ▼ 2.35% VAMOS 2.88 ▲ 2.13% SANB11 26.35 ▲ 0.57% ASAI3 8.83 ▲ 2.56% SBSP3 29.60 ▲ 2.42% WALMEX 50.86 ▼ 0.51% GMEXICO 200.00 ▼ 1.48% FEMSA 225.20 ▲ 2.85% CEMEX 21.51 ▼ 0.97% GFNORTE 182.90 ▼ 1.59% BIMBO 57.09 ▲ 1.66% TELEVISA 9.48 ▼ 1.46% AMX 23.20 ▲ 0.74% GAP 441.57 ▼ 0.06% ASUR 308.43 ▼ 0.38% OMA 245.60 ▲ 0.65% KOF 186.96 ▲ 1.29% GRUMA 283.22 ▲ 0.17% KIMBER 38.85 ▲ 1.68% SQM-B 65,950 ▼ 1.64% COPEC 5,765 ▼ 0.64% BSANTANDER 75.00 ▲ 2.04% FALABELLA 5,911 ▲ 0.36% ENELAM 82.00 ▲ 0.60% CENCOSUD 2,127 ▲ 0.19% CMPC 1,040 — 0.00% BANCO CHILE 177.80 ▲ 0.11% LATAM AIR 26.97 ▲ 3.25% YPF 70,050 ▼ 0.99% GGAL 7,715 ▲ 1.45% PAMPA 4,973 ▲ 0.25% TXAR 682.50 ▲ 1.49% ALUAR 991.00 ▲ 0.10% TGS 9,225 ▲ 1.15% CEPU 2,274 ▲ 2.29% MIRGOR 16,075 ▲ 0.16% COME 41.38 ▲ 0.88% LOMA NEGRA 3,555 ▲ 0.21% BYMA 307.75 ▲ 2.16% TELECOM ARG 3,958 ▲ 0.19% ECOPETROL 14.72 ▲ 1.87% BANCOLOMBIA 79.27 — 0.00% GRUPO AVAL 5.08 ▼ 0.39% CREDICORP 384.10 ▲ 0.97% SOUTHERN COPPER 171.26 ▼ 1.99% BUENAVENTURA 30.42 — 0.00% MERCADOLIBRE 1,675 ▲ 3.45% NUBANK 13.17 ▲ 5.70% XP 16.13 ▲ 2.22% PAGSEGURO 9.07 ▲ 3.78% STONE 10.99 ▲ 1.85% GLOBANT 30.03 ▲ 8.29% TECNOGLASS 44.75 — 0.00% GAP AIRPORT 252.48 ▲ 0.11% ASUR 308.43 ▼ 0.38% OMA AIRPORT 111.99 ▼ 0.02% AMX ADR 26.41 ▲ 0.42% FEMSA ADR 128.87 ▲ 2.79% CEMEX ADR 12.28 ▼ 0.81% PETROBRAS ADR 16.29 ▼ 1.39% VALE ADR 15.07 ▼ 0.33% ITAU ADR 8.23 ▲ 2.49% SANTANDER BR 5.20 ▲ 0.78% AMBEV ADR 3.23 ▲ 2.87% CSN 0.94 ▼ 1.91% GERDAU 4.15 ▲ 0.24% LATAM ADR 58.63 ▲ 3.03% BTC 60,165 ▲ 0.25% ETH 1,578 ▲ 0.06% SOL 71.11 ▼ 1.01% XRP 1.05 ▲ 0.61% BNB 558.66 ▼ 1.45% ADA 0.15 ▼ 1.89% DOGE 0.07 ▼ 1.21% AVAX 6.43 ▼ 2.28% LINK 7.32 ▼ 0.26% DOT 0.83 ▼ 2.54% LTC 42.31 ▲ 1.11% BCH 196.62 ▼ 0.08% TRX 0.32 — 0.00% XLM 0.17 ▼ 2.00% HBAR 0.07 ▲ 1.92% NEAR 1.86 ▲ 3.42% ATOM 1.57 ▼ 1.59% AAVE 93.82 ▼ 1.06% SELIC 14.25% EMBRAER 81.90 ▲ 0.99% EMBRAER ADR 63.75 ▲ 1.51% JBS 12.22 ▲ 1.58% JBS BDR 62.67 ▲ 0.87% MBRF3 17.10 ▲ 2.70% MBRFY 3.25 — 0.00% INTER 5.44 ▲ 3.82% EGX 51,443 ▼ 0.52% USD/ZAR 16.41 ▼ 0.47% USD/NGN 1,378 ▼ 0.09% NIKKEI 69,361 ▼ 4.15% CSI300 4,868 ▼ 3.03% HSI 22,672 ▼ 1.76% NIFTY 24,056 ▲ 0.14% KOSPI 8,411 ▼ 5.81% JCI 5,896 ▼ 1.72% USD/JPY 161.69 ▼ 0.06% USD/CNY 6.7897 ▲ 0.01% DAX 24,671 ▼ 1.29% CAC 8,385 ▼ 0.55% FTSE 10,508 ▼ 0.21% MIB 51,265 ▼ 1.00% IBEX 19,425 ▼ 0.45% STOXX 635.88 ▼ 0.68% EUR/USD 1.1390 ▲ 0.11% GBP/USD 1.3198 ▲ 0.01% SPX 7,354 ▼ 0.05% DJI 51,876 ▼ 0.09% NDX 29,118 ▼ 1.09% RUT 3,010 ▲ 0.07% TSX 34,980 ▲ 0.37% VIX 18.41 ▼ 2.54% USD/CAD 1.4194 ▲ 0.03% US10Y 4.3720 ▼ 0.46%
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Opinion: Shootout at Rio’s OK Corral

By · September 29, 2016 · 3 min read

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Opinion by Michael Royster

RIO DE JANEIRO, BRAZIL – The last pre-election debate will occur tonight (September 29th), broadcast by TV Globo at 10:30PM local time, after its moribund novela. It’s as eagerly awaited by Brazilian voters as was that between Hillary Clinton and Donald Trump to American (and international) voters.

Michael Royster, aka The Curmudgeon.
Michael Royster, aka The Curmudgeon.
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The main difference is that here in Rio, most participants in the debate are running for second place. First place has long been conceded to Senator Marcello Crivella, a former Fisheries Minister and Bishop of the evangelical Igreja Universal. The latest polls show him winning around one third of the popular vote.

That is well short of a majority, and the Constitution calls for a second round of elections when the leading candidate does not receive a majority. The runoff election, to be held Sunday, October 30th, will be between the two top vote-getters from this coming Sunday (October 2nd).

Therefore, the battle is now for second place, and the chance to enter the runoff election. Astonishingly, there are no fewer than seven candidates who are within the three percent margin of polling error—the top have ten percent, the bottom have four percent.

These far-from-magnificent seven come from all over the political spectrum, from right to left. Alone on the far right is Flavio Bolsonaro, scion of a family that remembers fondly the military dictatorship and wishes it could return. Off on the far left are three candidates—Jandira Feghali, Marcelo Freixo and Alessandro Molon—who remember fondly the Soviet Union and wish Lenin could return.

Scrummaging in the center are three other candidates—Pedro Paulo, Carlos Osório and Índio da Costa—who hope they can convince voters they are best qualified to carry on the work of outgoing Prefeito Eduardo Paes. They are all from political parties that form President Temer’s governing coalition: PMDB, PSDB and PSD. None of them is bothered by anything so trite and boring as ideology; they just want power.

Given this rainbow-like spectrum, the big question for each candidate at the gunfight tonight has to be: whom do I shoot at? Do I concentrate my fire on Crivella, hoping to show I’m the candidate with the best chance of defeating him in the runoff? Do I concentrate my fire on those on the other side of the political spectrum? Do I concentrate on the personal foibles of other candidates, hoping to discredit them?

Or, do I take a big gamble and talk about the important post-Olympiad issues facing Rio de Janeiro? Regulation of Uber? Connecting bus, metrô, BRT, VLT for one fare? Subsidizing Escolas de Samba and Blocos de Rua? Taking over public health facilities from a bankrupt state? Instituting a progressive real property tax?

In Rio, there are parts of the city where militant factions have great control—“currais eleitorais” or electoral corrals, where voters are rounded up, paid and herded into polling stations to vote as the bosses order.

The TV debate can be viewed as an attempt by all eight participants to enter into the others’ corrals and influence the votes of those penned within. That’s called democracy and it’s OK.

The Curmudgeon offers no prediction on the topics of the debate nor the election results this Sunday.

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