IBOV 175,956.66 ▲ 1.19% IPSA 10,935.89 ▲ 0.52% IPC MEX 66,475.94 ▼ 1.23% MERVAL 3,310,982 ▲ 2.41% COLCAP 2,321.58 ▲ 0.73% BVL PERÚ 57,107.38 — — USD/BRL5.07▼ 0.96% USD/MXN17.35▼ 0.49% USD/CLP925.22▼ 0.90% USD/COP3,113▼ 3.05% USD/PEN3.38▼ 0.54% USD/ARS1,489▼ 0.47% USD/UYU40.22▲ 1.47% USD/PYG5,941▲ 0.68% USD/BOB11.80▲ 5.19% USD/DOP57.95▲ 0.09% USD/CRC449.30▲ 1.51% USD/GTQ7.63▲ 2.33% USD/HNL26.76▲ 0.31% USD/NIO36.62▼ 0.15% USD/VES743.77▲ 0.25% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.39▲ 0.40% USD/TTD6.75▲ 1.19% EUR/BRL5.84▼ 0.01% BRENT 88.99 ▼ 1.93% WTI 83.58 ▼ 1.04% IRON ORE 161.91 — — COPPER 6.49 ▲ 3.51% GOLD 4,163 ▲ 3.17% SILVER 59.23 ▲ 2.35% SOY 1,189 ▲ 0.89% CORN 468.50 ▲ 4.34% WHEAT 663.50 ▲ 0.42% COFFEE 324.50 ▼ 0.40% SUGAR 14.44 ▼ 0.41% ORANGE JUICE 145.95 ▲ 5.80% COTTON 81.10 ▲ 3.95% COCOA 5,118 ▼ 1.29% BEEF 227.45 ▼ 0.20% CATTLE 342.60 ▼ 0.49% LITHIUM 69.85 ▲ 4.66% PETR4 42.56 ▲ 1.33% VALE3 75.59 ▲ 0.72% ITUB4 42.55 ▲ 1.75% BBDC4 18.29 ▼ 0.33% ABEV3 15.88 ▼ 0.13% BBAS3 21.11 ▲ 1.59% B3SA3 15.53 ▲ 1.37% WEGE3 46.90 ▲ 2.76% PRIO3 59.75 ▲ 2.29% SUZB3 42.51 ▲ 0.50% RENT3 37.91 ▲ 1.26% AZZA3 15.74 ▼ 2.54% CSAN3 3.96 ▲ 1.80% RAIZ4 0.26 — 0.00% PCAR3 2.70 ▼ 3.91% GMAT3 3.95 ▲ 1.54% PSSA3 54.07 ▲ 0.48% CVCB3 1.29 ▲ 0.78% POSI3 3.55 — 0.00% SLCE3 13.28 ▲ 1.45% NATU3 8.32 ▲ 0.60% BRKM5 5.90 ▲ 3.15% RANI3 7.95 ▼ 0.13% CSNA3 5.01 ▼ 3.65% CMIN3 5.88 ▼ 1.67% USIM5 7.66 ▼ 7.93% GGBR4 24.93 ▲ 0.56% ENEV3 26.16 ▲ 1.12% CPFE3 45.92 ▲ 2.52% CMIG4 11.19 ▲ 1.73% EQTL3 38.39 ▲ 1.51% LREN3 13.45 ▲ 0.67% VIVT3 32.48 ▼ 0.18% RAIL3 14.21 ▲ 1.86% KLABIN 18.07 ▲ 0.28% RAIA DROGASIL 18.07 ▲ 1.75% RDOR3 34.44 ▲ 1.74% HAPV3 10.88 ▲ 3.13% FLRY3 16.91 ▲ 0.48% SMTO3 14.17 ▼ 0.70% UGPA3 32.75 ▲ 2.34% VBBR3 35.73 ▲ 3.27% BBSE3 40.95 ▲ 0.07% BPAC11 56.15 ▲ 2.73% CURY3 30.15 ▲ 4.51% AERI3 2.11 — 0.00% VIVARA 22.10 ▼ 1.12% COMPASS 24.58 ▲ 1.53% VAMOS 3.39 ▲ 2.42% SANB11 25.28 ▼ 1.37% ASAI3 8.37 ▲ 0.84% SBSP3 27.40 ▲ 2.97% WALMEX 50.48 ▲ 2.06% GMEXICO 212.34 ▲ 2.69% FEMSA 217.70 ▲ 2.62% CEMEX 20.67 ▲ 0.39% GFNORTE 201.29 ▲ 2.33% BIMBO 60.57 ▲ 1.15% TELEVISA 9.82 ▼ 0.41% AMX 22.10 ▲ 1.24% GAP 380.28 ▲ 0.32% ASUR 274.65 ▲ 0.99% OMA 233.27 ▲ 0.26% KOF 188.51 ▲ 0.90% GRUMA 268.61 ▲ 0.51% KIMBER 40.25 ▼ 0.47% SQM-B 62,802 ▼ 1.56% COPEC 6,330 ▲ 2.26% BSANTANDER 80.73 ▲ 0.61% FALABELLA 6,155 ▼ 0.98% ENELAM 87.59 ▲ 1.04% CENCOSUD 1,938 ▲ 0.97% CMPC 1,038 ▲ 0.32% BANCO CHILE 193.83 ▲ 1.48% LATAM AIR 24.78 ▲ 1.56% YPF 81,800 ▲ 2.54% GGAL 7,980 ▲ 2.37% PAMPA 5,545 ▲ 3.26% TXAR 651.50 ▼ 0.99% ALUAR 967.50 ▼ 0.57% TGS 9,855 ▲ 3.63% CEPU 2,414 ▲ 5.37% MIRGOR 16,425 ▼ 0.76% COME 44.59 ▲ 4.57% LOMA NEGRA 3,683 ▲ 0.27% BYMA 298.50 ▲ 0.17% TELECOM ARG 4,338 ▲ 1.11% ECOPETROL 16.85 ▲ 2.71% BANCOLOMBIA 93.68 ▲ 4.71% GRUPO AVAL 5.16 ▲ 5.31% CREDICORP 400.74 ▲ 4.38% SOUTHERN COPPER 183.89 ▲ 4.80% BUENAVENTURA 31.53 ▲ 4.32% MERCADOLIBRE 1,864 ▲ 0.06% NUBANK 14.42 ▲ 2.67% XP 17.08 ▲ 4.69% PAGSEGURO 9.70 ▲ 1.68% STONE 11.15 ▲ 1.69% GLOBANT 36.38 ▼ 4.64% TECNOGLASS 43.29 ▼ 3.54% GAP AIRPORT 219.08 ▲ 0.97% ASUR 274.65 ▲ 0.99% OMA AIRPORT 107.73 ▲ 1.26% AMX ADR 25.41 ▲ 2.17% FEMSA ADR 125.61 ▲ 3.76% CEMEX ADR 11.87 ▲ 1.45% PETROBRAS ADR 19.03 ▲ 2.37% VALE ADR 14.88 ▲ 1.57% ITAU ADR 8.40 ▲ 3.01% SANTANDER BR 5.04 ▼ 1.27% AMBEV ADR 3.09 ▼ 0.32% CSN 1.01 ▼ 1.94% GERDAU 4.95 ▲ 1.75% LATAM ADR 53.38 ▲ 2.56% BTC 64,767 ▲ 1.34% ETH 1,920 ▲ 0.60% SOL 74.67 ▲ 1.46% XRP 1.09 ▲ 1.13% BNB 595.41 ▲ 4.20% ADA 0.17 ▲ 6.29% DOGE 0.07 ▲ 0.98% AVAX 6.46 ▲ 0.61% LINK 8.50 ▲ 2.10% DOT 0.77 ▲ 1.49% LTC 45.32 ▼ 0.20% BCH 218.29 ▲ 3.39% TRX 0.33 ▲ 0.98% XLM 0.17 ▲ 0.50% HBAR 0.07 ▲ 0.72% NEAR 1.68 ▲ 3.96% ATOM 1.29 ▲ 0.92% AAVE 99.77 ▲ 3.87% SELIC 14.25% EMBRAER 85.68 ▼ 0.48% EMBRAER ADR 67.51 ▼ 0.22% JBS 14.27 ▲ 0.25% JBS BDR 72.18 ▼ 0.28% MBRF3 17.60 ▲ 5.64% MBRFY 3.43 ▲ 7.86% INTER 5.57 ▲ 2.96% EGX 53,442 ▼ 0.35% USD/ZAR16.50▼ 0.93% USD/NGN1,362▼ 0.25% NIKKEI 61,867 ▲ 0.71% CSI300 4,550 ▼ 1.10% HSI 25,859 ▲ 0.20% NIFTY 24,317 ▲ 0.28% KOSPI 5,594 ▼ 1.23% JCI 6,186 ▲ 1.56% USD/JPY159.18▼ 2.59% USD/CNY6.75▼ 0.17% DAX 25,612 ▲ 0.60% CAC 8,486 ▲ 0.92% FTSE 10,897 ▼ 0.10% MIB 52,104 ▲ 1.29% IBEX 19,758 ▲ 1.78% STOXX 649.95 ▲ 0.77% EUR/USD1.15▲ 0.55% GBP/USD1.35▲ 1.37% SPX 7,432 ▲ 1.58% DJI 52,198 ▲ 1.17% NDX 28,054 ▲ 3.17% RUT 2,937 ▲ 1.04% TSX 35,386 ▲ 0.15% VIX 17.80 ▼ 13.84% USD/CAD1.40▼ 0.31% US10Y 4.6670 ▲ 0.97% IBOV 175,956.66 ▲ 1.19% IPSA 10,935.89 ▲ 0.52% IPC MEX 66,475.94 ▼ 1.23% MERVAL 3,310,982 ▲ 2.41% COLCAP 2,321.58 ▲ 0.73% BVL PERÚ 57,107.38 — — USD/BRL 5.07 ▼ 0.96% USD/MXN 17.35 ▼ 0.49% USD/CLP 925.22 ▼ 0.90% USD/COP 3,113 ▼ 3.05% USD/PEN 3.38 ▼ 0.54% USD/ARS 1,489 ▼ 0.47% USD/UYU 40.22 ▲ 1.47% USD/PYG 5,941 ▲ 0.68% USD/BOB 11.80 ▲ 5.19% USD/DOP 57.95 ▲ 0.09% USD/CRC 449.30 ▲ 1.51% USD/GTQ 7.63 ▲ 2.33% USD/HNL 26.76 ▲ 0.31% USD/NIO 36.62 ▼ 0.15% USD/VES 743.77 ▲ 0.25% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.39 ▲ 0.40% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.84 ▼ 0.01% BRENT 88.99 ▼ 1.93% WTI 83.58 ▼ 1.04% IRON ORE 161.91 — — COPPER 6.49 ▲ 3.51% GOLD 4,163 ▲ 3.17% SILVER 59.23 ▲ 2.35% SOY 1,189 ▲ 0.89% CORN 468.50 ▲ 4.34% WHEAT 663.50 ▲ 0.42% COFFEE 324.50 ▼ 0.40% SUGAR 14.44 ▼ 0.41% ORANGE JUICE 145.95 ▲ 5.80% COTTON 81.10 ▲ 3.95% COCOA 5,118 ▼ 1.29% BEEF 227.45 ▼ 0.20% CATTLE 342.60 ▼ 0.49% LITHIUM 69.85 ▲ 4.66% PETR4 42.56 ▲ 1.33% VALE3 75.59 ▲ 0.72% ITUB4 42.55 ▲ 1.75% BBDC4 18.29 ▼ 0.33% ABEV3 15.88 ▼ 0.13% BBAS3 21.11 ▲ 1.59% B3SA3 15.53 ▲ 1.37% WEGE3 46.90 ▲ 2.76% PRIO3 59.75 ▲ 2.29% SUZB3 42.51 ▲ 0.50% RENT3 37.91 ▲ 1.26% AZZA3 15.74 ▼ 2.54% CSAN3 3.96 ▲ 1.80% RAIZ4 0.26 — 0.00% PCAR3 2.70 ▼ 3.91% GMAT3 3.95 ▲ 1.54% PSSA3 54.07 ▲ 0.48% CVCB3 1.29 ▲ 0.78% POSI3 3.55 — 0.00% SLCE3 13.28 ▲ 1.45% NATU3 8.32 ▲ 0.60% BRKM5 5.90 ▲ 3.15% RANI3 7.95 ▼ 0.13% CSNA3 5.01 ▼ 3.65% CMIN3 5.88 ▼ 1.67% USIM5 7.66 ▼ 7.93% GGBR4 24.93 ▲ 0.56% ENEV3 26.16 ▲ 1.12% CPFE3 45.92 ▲ 2.52% CMIG4 11.19 ▲ 1.73% EQTL3 38.39 ▲ 1.51% LREN3 13.45 ▲ 0.67% VIVT3 32.48 ▼ 0.18% RAIL3 14.21 ▲ 1.86% KLABIN 18.07 ▲ 0.28% RAIA DROGASIL 18.07 ▲ 1.75% RDOR3 34.44 ▲ 1.74% HAPV3 10.88 ▲ 3.13% FLRY3 16.91 ▲ 0.48% SMTO3 14.17 ▼ 0.70% UGPA3 32.75 ▲ 2.34% VBBR3 35.73 ▲ 3.27% BBSE3 40.95 ▲ 0.07% BPAC11 56.15 ▲ 2.73% CURY3 30.15 ▲ 4.51% AERI3 2.11 — 0.00% VIVARA 22.10 ▼ 1.12% COMPASS 24.58 ▲ 1.53% VAMOS 3.39 ▲ 2.42% SANB11 25.28 ▼ 1.37% ASAI3 8.37 ▲ 0.84% SBSP3 27.40 ▲ 2.97% WALMEX 50.48 ▲ 2.06% GMEXICO 212.34 ▲ 2.69% FEMSA 217.70 ▲ 2.62% CEMEX 20.67 ▲ 0.39% GFNORTE 201.29 ▲ 2.33% BIMBO 60.57 ▲ 1.15% TELEVISA 9.82 ▼ 0.41% AMX 22.10 ▲ 1.24% GAP 380.28 ▲ 0.32% ASUR 274.65 ▲ 0.99% OMA 233.27 ▲ 0.26% KOF 188.51 ▲ 0.90% GRUMA 268.61 ▲ 0.51% KIMBER 40.25 ▼ 0.47% SQM-B 62,802 ▼ 1.56% COPEC 6,330 ▲ 2.26% BSANTANDER 80.73 ▲ 0.61% FALABELLA 6,155 ▼ 0.98% ENELAM 87.59 ▲ 1.04% CENCOSUD 1,938 ▲ 0.97% CMPC 1,038 ▲ 0.32% BANCO CHILE 193.83 ▲ 1.48% LATAM AIR 24.78 ▲ 1.56% YPF 81,800 ▲ 2.54% GGAL 7,980 ▲ 2.37% PAMPA 5,545 ▲ 3.26% TXAR 651.50 ▼ 0.99% ALUAR 967.50 ▼ 0.57% TGS 9,855 ▲ 3.63% CEPU 2,414 ▲ 5.37% MIRGOR 16,425 ▼ 0.76% COME 44.59 ▲ 4.57% LOMA NEGRA 3,683 ▲ 0.27% BYMA 298.50 ▲ 0.17% TELECOM ARG 4,338 ▲ 1.11% ECOPETROL 16.85 ▲ 2.71% BANCOLOMBIA 93.68 ▲ 4.71% GRUPO AVAL 5.16 ▲ 5.31% CREDICORP 400.74 ▲ 4.38% SOUTHERN COPPER 183.89 ▲ 4.80% BUENAVENTURA 31.53 ▲ 4.32% MERCADOLIBRE 1,864 ▲ 0.06% NUBANK 14.42 ▲ 2.67% XP 17.08 ▲ 4.69% PAGSEGURO 9.70 ▲ 1.68% STONE 11.15 ▲ 1.69% GLOBANT 36.38 ▼ 4.64% TECNOGLASS 43.29 ▼ 3.54% GAP AIRPORT 219.08 ▲ 0.97% ASUR 274.65 ▲ 0.99% OMA AIRPORT 107.73 ▲ 1.26% AMX ADR 25.41 ▲ 2.17% FEMSA ADR 125.61 ▲ 3.76% CEMEX ADR 11.87 ▲ 1.45% PETROBRAS ADR 19.03 ▲ 2.37% VALE ADR 14.88 ▲ 1.57% ITAU ADR 8.40 ▲ 3.01% SANTANDER BR 5.04 ▼ 1.27% AMBEV ADR 3.09 ▼ 0.32% CSN 1.01 ▼ 1.94% GERDAU 4.95 ▲ 1.75% LATAM ADR 53.38 ▲ 2.56% BTC 64,767 ▲ 1.34% ETH 1,920 ▲ 0.60% SOL 74.67 ▲ 1.46% XRP 1.09 ▲ 1.13% BNB 595.41 ▲ 4.20% ADA 0.17 ▲ 6.29% DOGE 0.07 ▲ 0.98% AVAX 6.46 ▲ 0.61% LINK 8.50 ▲ 2.10% DOT 0.77 ▲ 1.49% LTC 45.32 ▼ 0.20% BCH 218.29 ▲ 3.39% TRX 0.33 ▲ 0.98% XLM 0.17 ▲ 0.50% HBAR 0.07 ▲ 0.72% NEAR 1.68 ▲ 3.96% ATOM 1.29 ▲ 0.92% AAVE 99.77 ▲ 3.87% SELIC 14.25% EMBRAER 85.68 ▼ 0.48% EMBRAER ADR 67.51 ▼ 0.22% JBS 14.27 ▲ 0.25% JBS BDR 72.18 ▼ 0.28% MBRF3 17.60 ▲ 5.64% MBRFY 3.43 ▲ 7.86% INTER 5.57 ▲ 2.96% EGX 53,442 ▼ 0.35% USD/ZAR 16.49 ▼ 1.06% USD/NGN 1,362 ▼ 0.07% NIKKEI 61,867 ▲ 0.71% CSI300 4,550 ▼ 1.10% HSI 25,859 ▲ 0.20% NIFTY 24,317 ▲ 0.28% KOSPI 5,594 ▼ 1.23% JCI 6,186 ▲ 1.56% USD/JPY 158.99 ▼ 2.69% USD/CNY 6.7550 ▲ 0.01% DAX 25,612 ▲ 0.60% CAC 8,486 ▲ 0.92% FTSE 10,897 ▼ 0.10% MIB 52,104 ▲ 1.29% IBEX 19,758 ▲ 1.78% STOXX 649.95 ▲ 0.77% EUR/USD 1.1538 ▲ 0.64% GBP/USD 1.3476 ▲ 0.83% SPX 7,432 ▲ 1.58% DJI 52,198 ▲ 1.17% NDX 28,054 ▲ 3.17% RUT 2,937 ▲ 1.04% TSX 35,386 ▲ 0.15% VIX 17.80 ▼ 13.84% USD/CAD 1.3996 ▼ 0.31% US10Y 4.6670 ▲ 0.97%
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Thursday, July 30, 2026

São Paulo’s Mayoral Showdown: Lula and Bolsonaro’s Proxy War

By · July 22, 2024 · 2 min read

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(Analysis) Brazil’s political landscape is heating up with the São Paulo mayoral election approaching. This race is not merely a local contest.

It mirrors the national political rivalry. It highlights the clash between current President Lula and former President Bolsonaro.

Officials set the election for October 6th, 2024, with a potential second round on October 27th if needed.

This Saturday, President Lula declared his support for Guilherme Boulos of the far-left PSOL in the upcoming election.

This move positions Boulos against incumbent Mayor Ricardo Nunes, who enjoys Bolsonaro’s backing.

Remarkably, it’s the first time in forty years a candidate from Lula’s Workers’ Party isn’t leading a major ticket in São Paulo.

This shift marks a significant change in the political landscape of São Paulo. Instead, Lula has thrown his full support behind Boulos, signaling a critical strategic shift.

São Paulo's Mayoral Showdown: Lula and Bolsonaro's Proxy War - Ricardo Nunes and Guilherme Boulos. (Photo Internet reproduction)
São Paulo’s Mayoral Showdown: Lula and Bolsonaro’s Proxy War – Ricardo Nunes and Guilherme Boulos. (Photo Internet reproduction)
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Lula’s endorsement of Boulos at the PSOL convention underlines the importance he places on this election.

He instructed PT members to fully support Boulos, making this election a test of his influence and São Paulo’s ideology.

This endorsement pits progressive Boulos against conservative Nunes in a battle potentially foreshadowing the 2026 national elections.

São Paulo, as the country’s leading economic and cultural hub, often sets trends for the rest of the country.

Therefore, the outcome of this election might provide insights into the broader national mood and the political future of Brazil.

Historically, PT has faced challenges in maintaining its grip on power in São Paulo, with the party experiencing several electoral setbacks since Fernando Haddad’s 2012 victory.

São Paulo’s Mayoral Showdown: Lula and Bolsonaro’s Proxy War

This election comes at a time when issues like urban planning, safety, and sanitation are critical, yet they risk being overshadowed by the larger political narrative.

The election’s significance extends beyond local governance, reflecting deeper national conflicts and possibly setting the stage for the next presidential race.

With Lula and Bolsonaro’s political legacies potentially influencing the result, the São Paulo mayoral race is more than just a local election.

It’s a crucial battleground for Brazil’s future political direction. The campaign is set to be a pivotal moment, testing both the strength and strategy of Brazil’s major political figures.

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