IBOV 174,379.77 ▼ 1.33% IPSA 11,017.94 ▲ 0.93% IPC MEX 66,247.47 ▼ 1.56% MERVAL 3,318,087 ▼ 0.04% COLCAP 2,283.17 — 0.00% BVL PERÚ 58,287.01 — — USD/BRL5.08▼ 0.08% USD/MXN17.48▼ 0.25% USD/CLP948.37▲ 0.26% USD/COP3,217▲ 0.04% USD/PEN3.40▲ 0.13% USD/ARS1,496▲ 0.47% USD/UYU40.14▲ 1.38% USD/PYG6,022▲ 1.26% USD/BOB11.18▲ 4.51% USD/DOP57.99▼ 0.28% USD/CRC449.17▲ 1.76% USD/GTQ7.63▲ 2.33% USD/HNL26.75▲ 0.82% USD/NIO36.62▲ 0.26% USD/VES740.37▲ 0.46% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.29▲ 0.11% USD/TTD6.71▲ 0.92% EUR/BRL5.78▼ 0.03% BRENT 98.09 ▼ 2.58% WTI 90.20 ▼ 2.16% IRON ORE 161.91 — — COPPER 6.33 ▲ 0.44% GOLD 4,055 ▲ 0.20% SILVER 58.41 ▲ 1.06% SOY 1,253 ▲ 1.21% CORN 487.25 ▲ 5.01% WHEAT 679.00 ▼ 2.48% COFFEE 314.20 ▲ 1.55% SUGAR 14.76 ▲ 0.48% ORANGE JUICE 142.65 ▼ 2.83% COTTON 80.00 ▲ 0.20% COCOA 5,331 ▲ 0.57% BEEF 222.58 ▼ 1.25% CATTLE 342.05 ▼ 0.50% 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 8.42 ▼ 1.64% 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 377.34 ▲ 0.24% ASUR 267.76 — 0.00% OMA 226.14 ▼ 0.51% KOF 179.29 ▼ 0.23% GRUMA 268.70 ▼ 0.09% KIMBER 39.70 ▲ 1.10% SQM-B 65,749 ▲ 0.38% COPEC 6,315 ▲ 0.88% BSANTANDER 79.87 ▼ 0.16% FALABELLA 6,087 ▲ 0.48% ENELAM 85.42 ▲ 0.49% CENCOSUD 1,970 ▲ 0.09% CMPC 1,043 ▼ 0.80% BANCO CHILE 193.50 ▲ 1.46% LATAM AIR 23.85 ▲ 1.49% 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 — 0.00% BANCOLOMBIA 86.14 ▼ 0.75% GRUPO AVAL 4.78 — 0.00% CREDICORP 388.77 ▲ 0.29% SOUTHERN COPPER 179.29 — 0.00% BUENAVENTURA 30.91 — 0.00% MERCADOLIBRE 1,801 ▲ 0.15% NUBANK 14.03 ▼ 1.13% XP 16.69 ▼ 0.83% PAGSEGURO 9.20 — 0.00% STONE 10.76 ▼ 2.00% GLOBANT 31.30 — 0.00% TECNOGLASS 45.30 — 0.00% GAP AIRPORT 216.28 — 0.00% ASUR 267.76 — 0.00% OMA AIRPORT 103.43 ▼ 0.68% AMX ADR 26.01 — 0.00% FEMSA ADR 127.12 — 0.00% CEMEX ADR 12.06 — 0.00% PETROBRAS ADR 18.77 ▼ 1.21% VALE ADR 14.80 ▼ 0.24% ITAU ADR 8.28 ▼ 0.84% SANTANDER BR 5.30 ▼ 1.21% AMBEV ADR 3.06 ▼ 0.97% CSN 1.08 — 0.00% GERDAU 4.81 ▲ 0.84% LATAM ADR 50.15 — 0.00% BTC 64,192 ▼ 1.31% ETH 1,863 ▼ 0.77% SOL 73.89 ▼ 2.60% XRP 1.09 ▼ 1.49% BNB 565.08 ▼ 0.33% ADA 0.16 ▼ 2.75% DOGE 0.07 ▲ 0.17% AVAX 6.24 ▼ 0.35% LINK 8.36 ▼ 1.27% DOT 0.81 ▼ 1.14% LTC 46.17 ▼ 1.61% BCH 209.67 ▼ 1.14% TRX 0.33 ▲ 0.73% XLM 0.18 ▼ 2.39% HBAR 0.07 ▲ 0.96% NEAR 1.81 ▼ 3.70% ATOM 1.40 ▼ 1.42% AAVE 93.83 ▼ 1.27% SELIC 14.25% EMBRAER 82.50 ▼ 1.08% EMBRAER ADR 64.93 — 0.00% JBS 12.28 — 0.00% JBS BDR 62.04 ▲ 0.36% MBRF3 14.84 ▼ 4.81% MBRFY 2.95 ▼ 4.53% INTER 5.29 ▼ 3.11% EGX 53,932 ▼ 0.11% USD/ZAR16.84▲ 0.11% USD/NGN1,363▼ 0.44% NIKKEI 64,611 ▼ 2.73% CSI300 4,649 ▼ 1.67% HSI 24,963 ▼ 0.98% NIFTY 23,767 ▼ 0.43% KOSPI 6,691 ▼ 5.72% JCI 6,196 ▼ 1.88% USD/JPY163.85— 0.00% USD/CNY6.77▲ 0.02% DAX 25,099 ▲ 1.36% CAC 8,372 ▲ 0.88% FTSE 10,736 ▲ 0.91% MIB 51,802 ▲ 0.95% IBEX 19,585 ▲ 1.65% STOXX 644.51 ▲ 0.82% EUR/USD1.14▼ 0.04% GBP/USD1.33▼ 0.40% SPX 7,412 ▲ 0.05% DJI 51,948 ▲ 0.46% NDX 28,128 ▼ 1.15% RUT 2,933 ▼ 0.26% TSX 35,370 ▲ 0.50% VIX 18.74 ▲ 0.21% USD/CAD1.41▲ 0.12% US10Y 4.6790 ▼ 0.51% IBOV 174,379.77 ▼ 1.33% IPSA 11,017.94 ▲ 0.93% IPC MEX 66,247.47 ▼ 1.56% MERVAL 3,318,087 ▼ 0.04% COLCAP 2,283.17 — 0.00% BVL PERÚ 58,287.01 — — USD/BRL 5.08 ▼ 0.08% USD/MXN 17.48 ▼ 0.25% USD/CLP 948.37 ▲ 0.26% USD/COP 3,217 ▲ 0.04% USD/PEN 3.40 ▲ 0.13% USD/ARS 1,496 ▲ 0.47% USD/UYU 40.14 ▲ 1.38% USD/PYG 6,022 ▲ 1.26% USD/BOB 11.18 ▲ 4.51% USD/DOP 57.99 ▼ 0.28% USD/CRC 449.17 ▲ 1.76% USD/GTQ 7.63 ▲ 2.33% USD/HNL 26.75 ▲ 0.82% USD/NIO 36.62 ▲ 0.26% USD/VES 740.37 ▲ 0.46% 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 ▼ 0.03% BRENT 98.09 ▼ 2.58% WTI 90.20 ▼ 2.16% IRON ORE 161.91 — — COPPER 6.33 ▲ 0.44% GOLD 4,055 ▲ 0.20% SILVER 58.41 ▲ 1.06% SOY 1,253 ▲ 1.21% CORN 487.25 ▲ 5.01% WHEAT 679.00 ▼ 2.48% COFFEE 314.20 ▲ 1.55% SUGAR 14.76 ▲ 0.48% ORANGE JUICE 142.65 ▼ 2.83% COTTON 80.00 ▲ 0.20% COCOA 5,331 ▲ 0.57% BEEF 222.58 ▼ 1.25% CATTLE 342.05 ▼ 0.50% 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 8.42 ▼ 1.64% 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 377.34 ▲ 0.24% ASUR 267.76 — 0.00% OMA 226.14 ▼ 0.51% KOF 179.29 ▼ 0.23% GRUMA 268.70 ▼ 0.09% KIMBER 39.70 ▲ 1.10% SQM-B 65,749 ▲ 0.38% COPEC 6,315 ▲ 0.88% BSANTANDER 79.87 ▼ 0.16% FALABELLA 6,087 ▲ 0.48% ENELAM 85.42 ▲ 0.49% CENCOSUD 1,970 ▲ 0.09% CMPC 1,043 ▼ 0.80% BANCO CHILE 193.50 ▲ 1.46% LATAM AIR 23.85 ▲ 1.49% 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 — 0.00% BANCOLOMBIA 86.14 ▼ 0.75% GRUPO AVAL 4.78 — 0.00% CREDICORP 388.77 ▲ 0.29% SOUTHERN COPPER 179.29 — 0.00% BUENAVENTURA 30.91 — 0.00% MERCADOLIBRE 1,801 ▲ 0.15% NUBANK 14.03 ▼ 1.13% XP 16.69 ▼ 0.83% PAGSEGURO 9.20 — 0.00% STONE 10.76 ▼ 2.00% GLOBANT 31.30 — 0.00% TECNOGLASS 45.30 — 0.00% GAP AIRPORT 216.28 — 0.00% ASUR 267.76 — 0.00% OMA AIRPORT 103.43 ▼ 0.68% AMX ADR 26.01 — 0.00% FEMSA ADR 127.12 — 0.00% CEMEX ADR 12.06 — 0.00% PETROBRAS ADR 18.77 ▼ 1.21% VALE ADR 14.80 ▼ 0.24% ITAU ADR 8.28 ▼ 0.84% SANTANDER BR 5.30 ▼ 1.21% AMBEV ADR 3.06 ▼ 0.97% CSN 1.08 — 0.00% GERDAU 4.81 ▲ 0.84% LATAM ADR 50.15 — 0.00% BTC 64,192 ▼ 1.31% ETH 1,863 ▼ 0.77% SOL 73.89 ▼ 2.60% XRP 1.09 ▼ 1.49% BNB 565.08 ▼ 0.33% ADA 0.16 ▼ 2.75% DOGE 0.07 ▲ 0.17% AVAX 6.24 ▼ 0.35% LINK 8.36 ▼ 1.27% DOT 0.81 ▼ 1.14% LTC 46.17 ▼ 1.61% BCH 209.67 ▼ 1.14% TRX 0.33 ▲ 0.73% XLM 0.18 ▼ 2.39% HBAR 0.07 ▲ 0.96% NEAR 1.81 ▼ 3.70% ATOM 1.40 ▼ 1.42% AAVE 93.83 ▼ 1.27% SELIC 14.25% EMBRAER 82.50 ▼ 1.08% EMBRAER ADR 64.93 — 0.00% JBS 12.28 — 0.00% JBS BDR 62.04 ▲ 0.36% MBRF3 14.84 ▼ 4.81% MBRFY 2.95 ▼ 4.53% INTER 5.29 ▼ 3.11% EGX 53,932 ▼ 0.11% USD/ZAR 16.84 ▲ 0.11% USD/NGN 1,363 ▼ 0.24% NIKKEI 64,611 ▼ 2.73% CSI300 4,649 ▼ 1.67% HSI 24,963 ▼ 0.98% NIFTY 23,767 ▼ 0.43% KOSPI 6,691 ▼ 5.72% JCI 6,196 ▼ 1.88% USD/JPY 163.85 ▲ 0.06% USD/CNY 6.7714 ▲ 0.07% DAX 25,099 ▲ 1.36% CAC 8,372 ▲ 0.88% FTSE 10,736 ▲ 0.91% MIB 51,802 ▲ 0.95% IBEX 19,585 ▲ 1.65% STOXX 644.51 ▲ 0.82% EUR/USD 1.1374 ▼ 0.07% GBP/USD 1.3322 ▲ 0.05% SPX 7,412 ▲ 0.05% DJI 51,948 ▲ 0.46% NDX 28,128 ▼ 1.15% RUT 2,933 ▼ 0.26% TSX 35,370 ▲ 0.50% VIX 18.74 ▲ 0.21% USD/CAD 1.4101 ▲ 0.15% US10Y 4.6790 ▼ 0.51%
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Friday, July 24, 2026

Brazil Analysis

Tarcísio Gains Momentum With Bolsonaro’s Endorsement and Michelle’s Rising Political Profile

By · June 15, 2025 · 3 min read

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(Analysis) São Paulo Governor Tarcísio de Freitas has received indications from close political circles that former President Jair Bolsonaro is willing to back him as a presidential candidate in Brazil’s 2026 election.

Michelle Bolsonaro, the former first lady, is considered a potential vice-presidential pick. Senior officials within the São Paulo administration and multiple party insiders confirmed this information.

Their confirmation highlights the ongoing search for a new leader on Brazil’s political right, as Bolsonaro remains barred from running for office until 2030 due to a court ruling over alleged abuse of power during his presidency.

Despite these signals, Tarcísio has publicly stated his intention to seek re-election as governor.

At a recent business summit in New York, he reaffirmed his focus on São Paulo and ruled out a presidential run, stating, “I will stay in São Paulo.”

Still, political pressure grows for him to step onto the national stage, especially as Bolsonaro’s legal troubles and ineligibility create a leadership vacuum.

Bolsonaro, meanwhile, continues to insist publicly that he will run in 2026, even though the electoral court has barred him.

Within Bolsonaro’s party and among key allies, debate continues over who should carry the right-wing banner.

Tarcísio Gains Momentum With Bolsonaro’s Endorsement and Michelle’s Rising Political Profile
Tarcísio Gains Momentum With Bolsonaro’s Endorsement and Michelle’s Rising Political Profile
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Tarcísio Gains Momentum With Bolsonaro’s Endorsement and Michelle’s Rising Political Profile

Some party leaders and members of the influential Centrão bloc view Michelle Bolsonaro as the preferred successor, citing her strong support among evangelical voters and her growing independent political profile.

Michelle, who now leads the Liberal Party’s women’s wing, has traveled to all 27 Brazilian states since 2023.

She is building her own political base and managing key family and party matters, especially during Bolsonaro’s recent hospitalizations.

Tarcísio, a former infrastructure minister with a technocratic reputation, enjoys high approval ratings in São Paulo, with a recent poll showing 66.9% approval and only 27.5% disapproval.

His pragmatic approach and moderate tone appeal to business and centrist voters, but some Bolsonaro loyalists remain skeptical, seeing him as less committed to the core values of “Bolsonarismo.”

Recent opinion polls show Tarcísio and Michelle as the leading right-wing contenders for 2026, both trailing President Lula da Silva in first-round scenarios but closing the gap in potential runoffs.

Bolsonaro’s Ongoing Legal Battlest

For example, a Datafolha poll in June 2025 showed Lula with 37% and Tarcísio with 21% in the first round, while in a runoff, Lula led Tarcísio by just one point, 43% to 42%.

These numbers highlight the competitiveness of the race and the lack of a clear right-wing frontrunner.

Bolsonaro’s indecision and ongoing legal battles have stalled the right’s ability to unite behind a single candidate.

From Words to Deeds: Unraveling Bolsonaro’s Legal Fight

His public statements continue to cast doubt on the legitimacy of his exclusion from the race, while private discussions focus on maximizing the party’s influence in Congress, especially the Senate.

Bolsonaro hopes to secure a majority through strategic endorsements, possibly including family members as candidates. The business community closely watches these developments.

Tarcísio’s market-friendly reputation and Michelle’s broad appeal could signal stability or volatility, depending on how the right consolidates its leadership.

The outcome will shape Brazil’s policy direction, economic environment, and political alliances for years to come.

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