IBOV 174,041.95 ▼ 1.52% IPSA 10,950.74 ▲ 0.31% IPC MEX 66,383.68 ▲ 0.21% MERVAL 3,283,854 ▼ 1.07% COLCAP 2,274.53 ▼ 0.38% BVL PERÚ 58,287.01 — — USD/BRL5.08▼ 0.16% USD/MXN17.45▼ 0.21% USD/CLP944.38▼ 0.48% USD/COP3,215▼ 0.05% USD/PEN3.40▼ 0.08% USD/ARS1,496▼ 0.03% USD/UYU 40.14 — 0.00% USD/PYG 6,022 — 0.00% USD/BOB 11.18 — 0.00% USD/DOP57.98▼ 0.02% USD/CRC 449.17 — 0.00% USD/GTQ 7.63 — 0.00% USD/HNL 26.75 — 0.00% USD/NIO 36.62 — 0.00% USD/VES740.37▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.29▼ 0.12% USD/TTD6.71— 0.00% EUR/BRL5.78▼ 0.04% BRENT 89.24 ▼ 7.79% WTI 83.20 ▼ 6.84% IRON ORE 161.91 — — COPPER 6.40 ▲ 1.27% GOLD 4,098 ▲ 0.75% SILVER 59.48 ▲ 1.40% SOY 1,217 ▼ 2.50% CORN 472.00 ▲ 1.67% WHEAT 667.00 ▼ 1.62% COFFEE 324.15 ▲ 3.30% SUGAR 14.57 ▼ 1.35% ORANGE JUICE 142.65 ▼ 2.83% COTTON 79.70 ▲ 1.46% COCOA 5,237 ▼ 2.59% BEEF 222.50 ▼ 1.29% CATTLE 341.45 ▼ 0.68% LITHIUM 67.81 ▼ 1.75% PETR4 42.21 ▼ 1.72% VALE3 75.24 ▼ 0.58% ITUB4 42.10 ▼ 1.08% BBDC4 18.48 ▼ 1.28% ABEV3 15.64 ▼ 1.76% BBAS3 20.35 ▼ 2.77% B3SA3 15.44 ▼ 1.34% WEGE3 45.99 ▲ 0.70% PRIO3 58.82 ▼ 2.84% SUZB3 41.84 ▼ 1.39% RENT3 36.89 ▼ 0.67% AZZA3 16.65 ▼ 2.35% CSAN3 3.80 ▼ 2.56% RAIZ4 0.26 ▼ 3.70% PCAR3 2.79 ▼ 2.79% GMAT3 3.79 ▼ 2.07% PSSA3 54.78 ▼ 0.72% CVCB3 1.34 ▲ 2.29% POSI3 3.55 ▼ 3.27% SLCE3 13.64 ▼ 0.94% NATU3 8.38 ▼ 2.10% BRKM5 6.10 ▼ 1.13% RANI3 7.95 ▲ 0.25% CSNA3 5.36 ▲ 1.13% CMIN3 5.69 ▼ 2.40% USIM5 8.48 ▼ 0.12% GGBR4 24.26 ▲ 0.83% ENEV3 24.90 ▼ 3.11% CPFE3 45.09 ▼ 2.44% CMIG4 10.98 ▼ 1.88% EQTL3 38.34 ▼ 1.74% LREN3 13.27 ▼ 0.75% VIVT3 35.47 ▲ 2.22% RAIL3 13.57 ▼ 2.79% KLABIN 17.52 ▼ 0.79% RAIA DROGASIL 17.98 ▼ 1.15% RDOR3 33.38 ▼ 0.86% HAPV3 9.92 ▼ 5.25% FLRY3 16.26 ▼ 1.93% SMTO3 15.05 ▼ 4.20% UGPA3 32.71 ▼ 2.04% VBBR3 35.10 ▼ 1.40% BBSE3 41.49 ▼ 2.15% BPAC11 54.67 ▼ 2.90% CURY3 29.35 ▼ 0.91% AERI3 2.04 ▲ 0.99% VIVARA 21.42 ▼ 0.14% COMPASS 24.76 ▼ 1.28% VAMOS 3.15 ▼ 1.87% SANB11 26.34 ▼ 1.09% ASAI3 7.85 ▼ 2.12% SBSP3 28.38 ▼ 1.29% WALMEX 48.00 ▲ 1.39% GMEXICO 207.28 ▼ 0.94% FEMSA 221.92 ▼ 0.19% CEMEX 21.18 ▼ 1.40% GFNORTE 193.04 ▲ 2.00% BIMBO 58.26 ▼ 1.39% TELEVISA 9.73 ▼ 0.61% AMX 22.80 ▲ 0.18% GAP 377.44 ▲ 0.26% ASUR 267.99 ▼ 0.69% OMA 226.14 ▼ 0.51% KOF 179.29 ▼ 0.23% GRUMA 268.70 ▼ 0.09% KIMBER 39.70 ▲ 1.10% SQM-B 65,350 ▼ 0.23% COPEC 6,330 ▲ 1.12% BSANTANDER 79.32 ▼ 0.85% FALABELLA 5,990 ▼ 1.12% ENELAM 85.49 ▲ 0.58% CENCOSUD 1,958 ▼ 0.51% CMPC 1,025 ▼ 2.47% BANCO CHILE 193.10 ▲ 1.25% LATAM AIR 23.88 ▲ 1.62% YPF 82,000 ▼ 0.58% GGAL 7,890 ▼ 0.69% PAMPA 5,515 ▼ 2.04% TXAR 675.00 ▼ 0.74% ALUAR 972.00 ▼ 1.07% TGS 9,765 ▼ 2.30% CEPU 2,365 ▼ 2.27% MIRGOR 16,525 ▼ 1.20% COME 42.41 ▼ 0.28% LOMA NEGRA 3,623 ▼ 3.78% BYMA 299.75 ▲ 2.48% TELECOM ARG 4,380 ▲ 1.27% ECOPETROL 16.01 ▼ 1.96% BANCOLOMBIA 86.01 ▼ 0.90% GRUPO AVAL 4.79 ▼ 3.04% CREDICORP 388.77 ▲ 0.29% SOUTHERN COPPER 179.29 ▼ 1.61% BUENAVENTURA 30.91 ▼ 1.31% MERCADOLIBRE 1,801 ▲ 0.15% NUBANK 14.09 ▼ 0.70% XP 16.69 ▼ 0.83% PAGSEGURO 9.20 ▼ 2.75% STONE 10.76 ▼ 2.00% GLOBANT 31.30 ▲ 2.25% TECNOGLASS 45.30 ▲ 3.57% GAP AIRPORT 216.28 — 0.00% ASUR 267.99 ▼ 0.69% OMA AIRPORT 103.43 ▼ 0.68% AMX ADR 26.01 — 0.00% FEMSA ADR 127.12 ▲ 0.03% CEMEX ADR 12.06 ▼ 1.63% PETROBRAS ADR 18.77 ▼ 1.21% VALE ADR 14.79 ▼ 0.27% ITAU ADR 8.28 ▼ 0.84% SANTANDER BR 5.30 ▼ 1.21% AMBEV ADR 3.06 — 0.00% CSN 1.08 ▲ 1.89% GERDAU 4.81 ▲ 0.84% LATAM ADR 50.15 — 0.00% BTC 65,059 ▼ 0.43% ETH 1,958 ▲ 0.23% SOL 76.50 ▼ 0.13% XRP 1.10 ▼ 0.62% BNB 572.61 ▼ 0.33% ADA 0.16 ▼ 0.79% DOGE 0.07 ▼ 1.03% AVAX 6.67 ▼ 0.96% LINK 8.75 ▼ 0.73% DOT 0.81 ▼ 2.30% LTC 46.97 ▼ 1.72% BCH 218.55 ▲ 0.80% TRX 0.33 ▼ 0.43% XLM 0.18 ▼ 0.37% HBAR 0.07 ▼ 1.41% NEAR 1.83 ▼ 0.54% ATOM 1.38 ▼ 1.32% AAVE 100.58 ▼ 0.92% SELIC 14.25% EMBRAER 82.50 ▼ 1.08% EMBRAER ADR 64.93 ▼ 0.82% JBS 12.28 ▲ 1.24% JBS BDR 62.04 ▲ 0.36% MBRF3 14.84 ▼ 4.81% MBRFY 2.94 ▼ 0.34% INTER 5.29 ▼ 3.11% EGX 53,571 ▲ 0.29% USD/ZAR16.73▼ 0.61% USD/NGN 1,363 — 0.00% NIKKEI 64,931 ▲ 0.50% CSI300 4,702 ▲ 1.15% HSI 25,207 ▲ 0.98% NIFTY 23,996 ▲ 0.96% KOSPI 6,756 ▲ 0.97% JCI 6,186 ▼ 0.17% USD/JPY163.63— 0.00% USD/CNY6.75▼ 0.27% DAX 25,513 ▲ 1.65% CAC 8,455 ▲ 0.99% FTSE 10,810 ▲ 0.69% MIB 52,210 ▲ 0.79% IBEX 19,901 ▲ 1.61% STOXX 650.52 ▲ 0.93% EUR/USD1.14▼ 0.02% GBP/USD1.33▼ 0.17% SPX 7,412 ▲ 0.05% DJI 51,947 ▲ 0.46% NDX 28,128 ▼ 1.15% RUT 2,930 ▼ 0.35% TSX 35,369 ▲ 0.50% VIX 17.66 ▼ 4.95% USD/CAD1.41▲ 0.16% US10Y 4.6790 ▼ 0.51% IBOV 174,041.95 ▼ 1.52% IPSA 10,950.74 ▲ 0.31% IPC MEX 66,383.68 ▲ 0.21% MERVAL 3,283,854 ▼ 1.07% COLCAP 2,274.53 ▼ 0.38% BVL PERÚ 58,287.01 — — USD/BRL 5.08 ▼ 0.16% USD/MXN 17.45 ▼ 0.21% USD/CLP 944.38 ▼ 0.48% USD/COP 3,215 ▼ 0.05% USD/PEN 3.40 ▼ 0.08% USD/ARS 1,496 ▼ 0.03% USD/UYU 40.14 — 0.00% USD/PYG 6,022 — 0.00% USD/BOB 11.18 — 0.00% USD/DOP 57.98 ▼ 0.02% USD/CRC 449.17 — 0.00% USD/GTQ 7.63 — 0.00% USD/HNL 26.75 — 0.00% USD/NIO 36.62 — 0.00% USD/VES 740.37 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.29 ▲ 0.08% USD/TTD 6.71 ▲ 0.68% EUR/BRL 5.78 ▼ 0.04% BRENT 89.24 ▼ 7.79% WTI 83.20 ▼ 6.84% IRON ORE 161.91 — — COPPER 6.40 ▲ 1.27% GOLD 4,098 ▲ 0.75% SILVER 59.48 ▲ 1.40% SOY 1,217 ▼ 2.50% CORN 472.00 ▲ 1.67% WHEAT 667.00 ▼ 1.62% COFFEE 324.15 ▲ 3.30% SUGAR 14.57 ▼ 1.35% ORANGE JUICE 142.65 ▼ 2.83% COTTON 79.70 ▲ 1.46% COCOA 5,237 ▼ 2.59% BEEF 222.50 ▼ 1.29% CATTLE 341.45 ▼ 0.68% LITHIUM 67.81 ▼ 1.75% PETR4 42.21 ▼ 1.72% VALE3 75.24 ▼ 0.58% ITUB4 42.10 ▼ 1.08% BBDC4 18.48 ▼ 1.28% ABEV3 15.64 ▼ 1.76% BBAS3 20.35 ▼ 2.77% B3SA3 15.44 ▼ 1.34% WEGE3 45.99 ▲ 0.70% PRIO3 58.82 ▼ 2.84% SUZB3 41.84 ▼ 1.39% RENT3 36.89 ▼ 0.67% AZZA3 16.65 ▼ 2.35% CSAN3 3.80 ▼ 2.56% RAIZ4 0.26 ▼ 3.70% PCAR3 2.79 ▼ 2.79% GMAT3 3.79 ▼ 2.07% PSSA3 54.78 ▼ 0.72% CVCB3 1.34 ▲ 2.29% POSI3 3.55 ▼ 3.27% SLCE3 13.64 ▼ 0.94% NATU3 8.38 ▼ 2.10% BRKM5 6.10 ▼ 1.13% RANI3 7.95 ▲ 0.25% CSNA3 5.36 ▲ 1.13% CMIN3 5.69 ▼ 2.40% USIM5 8.48 ▼ 0.12% GGBR4 24.26 ▲ 0.83% ENEV3 24.90 ▼ 3.11% CPFE3 45.09 ▼ 2.44% CMIG4 10.98 ▼ 1.88% EQTL3 38.34 ▼ 1.74% LREN3 13.27 ▼ 0.75% VIVT3 35.47 ▲ 2.22% RAIL3 13.57 ▼ 2.79% KLABIN 17.52 ▼ 0.79% RAIA DROGASIL 17.98 ▼ 1.15% RDOR3 33.38 ▼ 0.86% HAPV3 9.92 ▼ 5.25% FLRY3 16.26 ▼ 1.93% SMTO3 15.05 ▼ 4.20% UGPA3 32.71 ▼ 2.04% VBBR3 35.10 ▼ 1.40% BBSE3 41.49 ▼ 2.15% BPAC11 54.67 ▼ 2.90% CURY3 29.35 ▼ 0.91% AERI3 2.04 ▲ 0.99% VIVARA 21.42 ▼ 0.14% COMPASS 24.76 ▼ 1.28% VAMOS 3.15 ▼ 1.87% SANB11 26.34 ▼ 1.09% ASAI3 7.85 ▼ 2.12% SBSP3 28.38 ▼ 1.29% WALMEX 48.00 ▲ 1.39% GMEXICO 207.28 ▼ 0.94% FEMSA 221.92 ▼ 0.19% CEMEX 21.18 ▼ 1.40% GFNORTE 193.04 ▲ 2.00% BIMBO 58.26 ▼ 1.39% TELEVISA 9.73 ▼ 0.61% AMX 22.80 ▲ 0.18% GAP 377.44 ▲ 0.26% ASUR 267.99 ▼ 0.69% OMA 226.14 ▼ 0.51% KOF 179.29 ▼ 0.23% GRUMA 268.70 ▼ 0.09% KIMBER 39.70 ▲ 1.10% SQM-B 65,350 ▼ 0.23% COPEC 6,330 ▲ 1.12% BSANTANDER 79.32 ▼ 0.85% FALABELLA 5,990 ▼ 1.12% ENELAM 85.49 ▲ 0.58% CENCOSUD 1,958 ▼ 0.51% CMPC 1,025 ▼ 2.47% BANCO CHILE 193.10 ▲ 1.25% LATAM AIR 23.88 ▲ 1.62% YPF 82,000 ▼ 0.58% GGAL 7,890 ▼ 0.69% PAMPA 5,515 ▼ 2.04% TXAR 675.00 ▼ 0.74% ALUAR 972.00 ▼ 1.07% TGS 9,765 ▼ 2.30% CEPU 2,365 ▼ 2.27% MIRGOR 16,525 ▼ 1.20% COME 42.41 ▼ 0.28% LOMA NEGRA 3,623 ▼ 3.78% BYMA 299.75 ▲ 2.48% TELECOM ARG 4,380 ▲ 1.27% ECOPETROL 16.01 ▼ 1.96% BANCOLOMBIA 86.01 ▼ 0.90% GRUPO AVAL 4.79 ▼ 3.04% CREDICORP 388.77 ▲ 0.29% SOUTHERN COPPER 179.29 ▼ 1.61% BUENAVENTURA 30.91 ▼ 1.31% MERCADOLIBRE 1,801 ▲ 0.15% NUBANK 14.09 ▼ 0.70% XP 16.69 ▼ 0.83% PAGSEGURO 9.20 ▼ 2.75% STONE 10.76 ▼ 2.00% GLOBANT 31.30 ▲ 2.25% TECNOGLASS 45.30 ▲ 3.57% GAP AIRPORT 216.28 — 0.00% ASUR 267.99 ▼ 0.69% OMA AIRPORT 103.43 ▼ 0.68% AMX ADR 26.01 — 0.00% FEMSA ADR 127.12 ▲ 0.03% CEMEX ADR 12.06 ▼ 1.63% PETROBRAS ADR 18.77 ▼ 1.21% VALE ADR 14.79 ▼ 0.27% ITAU ADR 8.28 ▼ 0.84% SANTANDER BR 5.30 ▼ 1.21% AMBEV ADR 3.06 — 0.00% CSN 1.08 ▲ 1.89% GERDAU 4.81 ▲ 0.84% LATAM ADR 50.15 — 0.00% BTC 65,059 ▼ 0.43% ETH 1,958 ▲ 0.23% SOL 76.50 ▼ 0.13% XRP 1.10 ▼ 0.62% BNB 572.61 ▼ 0.33% ADA 0.16 ▼ 0.79% DOGE 0.07 ▼ 1.03% AVAX 6.67 ▼ 0.96% LINK 8.75 ▼ 0.73% DOT 0.81 ▼ 2.30% LTC 46.97 ▼ 1.72% BCH 218.55 ▲ 0.80% TRX 0.33 ▼ 0.43% XLM 0.18 ▼ 0.37% HBAR 0.07 ▼ 1.41% NEAR 1.83 ▼ 0.54% ATOM 1.38 ▼ 1.32% AAVE 100.58 ▼ 0.92% SELIC 14.25% EMBRAER 82.50 ▼ 1.08% EMBRAER ADR 64.93 ▼ 0.82% JBS 12.28 ▲ 1.24% JBS BDR 62.04 ▲ 0.36% MBRF3 14.84 ▼ 4.81% MBRFY 2.94 ▼ 0.34% INTER 5.29 ▼ 3.11% EGX 53,571 ▲ 0.29% USD/ZAR 16.71 ▼ 0.65% USD/NGN 1,363 — 0.00% NIKKEI 64,931 ▲ 0.50% CSI300 4,702 ▲ 1.15% HSI 25,207 ▲ 0.98% NIFTY 23,996 ▲ 0.96% KOSPI 6,756 ▲ 0.97% JCI 6,186 ▼ 0.17% USD/JPY 163.63 ▼ 0.10% USD/CNY 6.7540 ▼ 0.26% DAX 25,513 ▲ 1.65% CAC 8,455 ▲ 0.99% FTSE 10,810 ▲ 0.69% MIB 52,210 ▲ 0.79% IBEX 19,901 ▲ 1.61% STOXX 650.52 ▲ 0.93% EUR/USD 1.1396 ▲ 0.18% GBP/USD 1.3317 ▼ 0.02% SPX 7,412 ▲ 0.05% DJI 51,947 ▲ 0.46% NDX 28,128 ▼ 1.15% RUT 2,930 ▼ 0.35% TSX 35,369 ▲ 0.50% VIX 17.66 ▼ 4.95% USD/CAD 1.4099 ▲ 0.05% US10Y 4.6790 ▼ 0.51%
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Monday, July 27, 2026

Orsi’s Divided Report Card: Why Uruguay’s Calm Politics Now Look Less Certain

By · December 9, 2025 · 2 min read

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Key Points

  1. Support for President Yamandú Orsi is stuck at 36% approval and 36% rejection after his first year.
  2. Lower-income voters remain warmer to his government, while the middle and upper-income groups are drifting away.
  3. Growing fatigue on security, growth and taxes could narrow his room to expand the state or push new experiments.

For many outsiders, Uruguay is the “boring good news story” of South America: small, predictable, with steady institutions and few shocks. The first year of President Yamandú Orsi shows why that image now needs an update.

A new national survey by Equipos Consultores finds the country split right down the middle on his performance. Thirty-six percent approve of his work, 36% disapprove, and roughly a quarter sit in the middle, neither satisfied nor angry.

Approval has not improved in recent months, but disapproval has crept up from 32%, a sign that patience is thinning rather than enthusiasm growing.

Orsi’s Divided Report Card: Why Uruguay’s Calm Politics Now Look Less Certain. (Photo Internet reproduction)
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The map of opinion is striking. In Montevideo, in Canelones and in the interior, the picture looks almost identical. The real fracture line is not geography but class.

In middle, upper-middle and higher-income groups, Orsi’s balance is clearly negative, echoing frustration over taxes, regulation and a feeling that the productive economy is not a priority.

In lower and lower-middle income segments, his balance remains positive, thanks to expectations that welfare and subsidies will be protected.

Party identity sharpens that divide. Within his own camp, Orsi still enjoys strong backing. Among opposition voters, nearly two out of three now reject his performance, after a steady climb in disapproval during the last months of the year.

For expats, investors and foreign observers, the deeper story is about limits. Uruguay’s institutions remain solid and there is no sense of imminent crisis.

But a president who is personally liked yet politically stalled has less freedom to raise taxes, reverse reforms or expand state control.

The numbers suggest a cautious country signalling that it wants stability and competence more than big ideological experiments. That matters far beyond Montevideo’s skyline, including for regional trade partners and long-term investors.

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