IBOV 175,739 ▼ 1.20% IPSA 10,928 ▲ 0.16% IPC MEX 65,973 ▼ 0.79% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,307.67 — UNCH BVL PERÚ 56,917.82 ▼ 0.86% USD/BRL5.12▼ 0.28% USD/MXN17.50▼ 0.18% USD/CLP930.63▼ 0.24% USD/COP3,245▼ 0.56% USD/PEN3.40▼ 0.23% USD/ARS1,482▼ 0.07% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.31▲ 0.39% USD/CRC448.93▲ 1.31% USD/GTQ7.62▲ 2.07% USD/HNL26.73▲ 1.38% USD/NIO36.62▲ 0.63% USD/VES722.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59▲ 0.64% USD/TTD6.75▲ 1.19% EUR/BRL5.84▲ 0.41% BRENT 86.06 ▲ 3.31% WTI 79.55 ▲ 1.80% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.33% GOLD 4,038 ▲ 1.02% SILVER 58.39 ▲ 1.30% SOY 1,186 ▼ 1.35% CORN 457.25 ▲ 4.45% WHEAT 630.25 ▲ 0.52% COFFEE 332.40 ▼ 2.64% SUGAR 14.71 ▼ 0.27% ORANGE JUICE 137.15 ▼ 7.24% COTTON 82.00 ▲ 2.72% COCOA 5,750 ▲ 0.95% BEEF 230.83 ▼ 1.86% CATTLE 354.20 ▼ 0.11% LITHIUM 70.24 ▼ 2.88% PETR4 40.66 ▲ 2.55% VALE3 72.85 ▼ 1.79% ITUB4 43.52 ▼ 1.76% BBDC4 18.77 ▼ 0.48% ABEV3 15.83 ▲ 0.06% BBAS3 20.24 ▼ 1.65% B3SA3 15.12 ▼ 1.95% WEGE3 44.39 ▼ 4.56% PRIO3 57.20 ▲ 3.16% SUZB3 41.49 ▼ 0.14% RENT3 40.20 ▼ 2.19% AZZA3 19.22 ▲ 0.63% CSAN3 3.90 ▼ 4.18% RAIZ4 0.33 ▼ 5.71% PCAR3 2.59 ▼ 5.13% GMAT3 3.94 ▼ 0.76% PSSA3 54.04 ▼ 1.69% CVCB3 1.25 — 0.00% POSI3 3.99 ▲ 0.50% SLCE3 13.87 ▼ 1.07% NATU3 8.60 ▼ 0.92% BRKM5 6.94 ▲ 4.68% RANI3 7.95 ▼ 0.75% CSNA3 5.24 ▲ 1.16% CMIN3 5.45 ▲ 4.21% USIM5 8.38 ▼ 0.83% GGBR4 22.82 ▼ 0.83% ENEV3 26.88 ▼ 2.43% CPFE3 46.84 ▼ 2.15% CMIG4 11.07 ▼ 2.72% EQTL3 40.21 ▼ 1.71% LREN3 14.15 ▼ 3.21% VIVT3 34.73 ▼ 2.85% RAIL3 14.11 ▼ 1.74% KLABIN 17.48 ▼ 0.34% RAIA DROGASIL 18.20 ▼ 3.04% RDOR3 35.56 ▼ 1.28% HAPV3 10.46 ▼ 1.32% FLRY3 16.15 ▼ 1.64% SMTO3 16.37 — 0.00% UGPA3 30.93 ▲ 0.72% VBBR3 32.76 ▼ 0.73% BBSE3 40.28 ▼ 0.17% BPAC11 57.52 ▼ 2.06% CURY3 33.12 ▼ 3.19% AERI3 2.08 ▼ 0.48% VIVARA 23.11 ▼ 1.79% COMPASS 24.77 ▼ 2.86% VAMOS 3.02 ▼ 1.31% SANB11 27.37 ▼ 0.91% ASAI3 8.71 ▼ 1.80% SBSP3 30.37 ▼ 2.38% WALMEX 49.66 ▲ 0.69% GMEXICO 195.76 ▼ 1.74% FEMSA 225.36 ▲ 0.92% CEMEX 21.79 ▼ 0.32% GFNORTE 181.91 ▼ 2.51% BIMBO 55.97 ▼ 0.23% TELEVISA 9.58 ▼ 1.54% AMX 22.86 ▲ 0.70% GAP 407.66 ▼ 1.17% ASUR 278.66 ▼ 2.27% OMA 232.47 ▼ 1.70% KOF 181.26 ▲ 0.62% GRUMA 281.09 ▼ 0.87% KIMBER 38.20 ▲ 0.34% SQM-B 67,211 ▼ 0.80% COPEC 6,057 ▼ 1.33% BSANTANDER 78.20 ▼ 1.01% FALABELLA 5,905 — 0.00% ENELAM 84.20 ▼ 1.41% CENCOSUD 2,040 ▼ 0.25% CMPC 1,078 ▼ 2.80% BANCO CHILE 185.00 ▼ 2.05% LATAM AIR 24.90 ▼ 5.18% YPF 77,175 ▲ 3.73% GGAL 8,095 ▼ 2.88% PAMPA 5,225 ▲ 0.87% TXAR 661.50 ▼ 1.42% ALUAR 964.50 ▼ 1.13% TGS 9,580 ▼ 0.16% CEPU 2,324 ▼ 3.01% MIRGOR 17,050 ▼ 1.16% COME 44.85 ▼ 2.31% LOMA NEGRA 3,500 ▼ 2.30% BYMA 308.25 ▼ 1.83% TELECOM ARG 4,248 ▲ 0.06% ECOPETROL 15.88 ▲ 1.93% BANCOLOMBIA 80.42 ▼ 3.05% GRUPO AVAL 4.91 ▼ 3.16% CREDICORP 389.22 ▼ 2.89% SOUTHERN COPPER 174.53 ▼ 0.74% BUENAVENTURA 29.82 ▼ 0.60% MERCADOLIBRE 1,867 ▲ 0.81% NUBANK 13.67 ▼ 0.65% XP 16.37 ▼ 3.25% PAGSEGURO 9.28 ▲ 0.32% STONE 11.15 ▼ 0.54% GLOBANT 32.12 ▲ 7.21% TECNOGLASS 42.84 ▼ 2.41% GAP AIRPORT 232.77 ▼ 1.22% ASUR 278.66 ▼ 2.27% OMA AIRPORT 106.13 ▼ 1.77% AMX ADR 26.02 ▲ 0.04% FEMSA ADR 129.01 ▲ 1.06% CEMEX ADR 12.45 ▼ 0.24% PETROBRAS ADR 17.88 ▲ 3.23% VALE ADR 14.18 ▼ 1.94% ITAU ADR 8.47 ▼ 1.74% SANTANDER BR 5.34 ▼ 1.02% AMBEV ADR 3.06 ▼ 0.33% CSN 1.03 ▲ 1.49% GERDAU 4.49 ▼ 0.22% LATAM ADR 53.33 ▼ 5.53% BTC 62,713 ▲ 0.76% ETH 1,793 ▲ 1.11% SOL 75.16 ▲ 0.40% XRP 1.07 ▲ 0.42% BNB 569.97 ▲ 0.59% ADA 0.16 ▲ 0.68% DOGE 0.07 ▲ 0.29% AVAX 6.42 ▼ 0.38% LINK 7.95 ▲ 0.96% DOT 0.83 ▼ 0.19% LTC 43.58 ▲ 0.21% BCH 237.50 ▲ 0.54% TRX 0.33 ▲ 0.32% XLM 0.18 ▼ 0.20% HBAR 0.07 ▼ 0.67% NEAR 1.98 ▲ 3.20% ATOM 1.53 ▼ 0.45% AAVE 96.28 ▲ 2.03% SELIC 14.25% EMBRAER 83.01 ▼ 1.88% EMBRAER ADR 64.48 ▼ 2.32% JBS 11.80 ▼ 0.92% JBS BDR 60.61 ▼ 0.28% MBRF3 15.72 ▲ 1.09% MBRFY 3.03 ▲ 0.33% INTER 5.65 ▼ 2.92% EGX 52,299 ▼ 0.59% USD/ZAR16.46▼ 0.10% USD/NGN1,381▲ 0.07% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY162.20▼ 0.15% USD/CNY6.78▼ 0.02% DAX 24,908 ▼ 0.82% CAC 8,306 ▼ 0.70% FTSE 10,474 ▼ 0.24% MIB 52,608 ▼ 0.38% IBEX 19,171 ▼ 0.85% STOXX 638.24 ▼ 0.43% EUR/USD1.14▲ 0.23% GBP/USD1.34▼ 0.01% SPX 7,515 ▼ 0.79% DJI 52,499 ▼ 0.26% NDX 29,264 ▼ 1.88% RUT 2,953 ▼ 0.83% TSX 35,253 ▼ 0.15% VIX 17.39 ▲ 1.34% USD/CAD1.41▼ 0.31% US10Y 4.6090 ▲ 0.88% IBOV 175,739 ▼ 1.20% IPSA 10,928 ▲ 0.16% IPC MEX 65,973 ▼ 0.79% MERVAL 3,235,295 ▼ 1.37% COLCAP 2,307.67 — UNCH BVL PERÚ 56,917.82 ▼ 0.86% USD/BRL 5.12 ▼ 0.28% USD/MXN 17.50 ▼ 0.18% USD/CLP 930.63 ▼ 0.24% USD/COP 3,245 ▼ 0.56% USD/PEN 3.40 ▼ 0.23% USD/ARS 1,482 ▼ 0.07% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.31 ▲ 0.39% USD/CRC 448.93 ▲ 1.31% USD/GTQ 7.62 ▲ 2.07% USD/HNL 26.73 ▲ 1.38% USD/NIO 36.62 ▲ 0.63% USD/VES 722.19 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.64% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.84 ▲ 0.41% BRENT 86.06 ▲ 3.31% WTI 79.55 ▲ 1.80% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.33% GOLD 4,038 ▲ 1.02% SILVER 58.39 ▲ 1.30% SOY 1,186 ▼ 1.35% CORN 457.25 ▲ 4.45% WHEAT 630.25 ▲ 0.52% COFFEE 332.40 ▼ 2.64% SUGAR 14.71 ▼ 0.27% ORANGE JUICE 137.15 ▼ 7.24% COTTON 82.00 ▲ 2.72% COCOA 5,750 ▲ 0.95% BEEF 230.83 ▼ 1.86% CATTLE 354.20 ▼ 0.11% LITHIUM 70.24 ▼ 2.88% PETR4 40.66 ▲ 2.55% VALE3 72.85 ▼ 1.79% ITUB4 43.52 ▼ 1.76% BBDC4 18.77 ▼ 0.48% ABEV3 15.83 ▲ 0.06% BBAS3 20.24 ▼ 1.65% B3SA3 15.12 ▼ 1.95% WEGE3 44.39 ▼ 4.56% PRIO3 57.20 ▲ 3.16% SUZB3 41.49 ▼ 0.14% RENT3 40.20 ▼ 2.19% AZZA3 19.22 ▲ 0.63% CSAN3 3.90 ▼ 4.18% RAIZ4 0.33 ▼ 5.71% PCAR3 2.59 ▼ 5.13% GMAT3 3.94 ▼ 0.76% PSSA3 54.04 ▼ 1.69% CVCB3 1.25 — 0.00% POSI3 3.99 ▲ 0.50% SLCE3 13.87 ▼ 1.07% NATU3 8.60 ▼ 0.92% BRKM5 6.94 ▲ 4.68% RANI3 7.95 ▼ 0.75% CSNA3 5.24 ▲ 1.16% CMIN3 5.45 ▲ 4.21% USIM5 8.38 ▼ 0.83% GGBR4 22.82 ▼ 0.83% ENEV3 26.88 ▼ 2.43% CPFE3 46.84 ▼ 2.15% CMIG4 11.07 ▼ 2.72% EQTL3 40.21 ▼ 1.71% LREN3 14.15 ▼ 3.21% VIVT3 34.73 ▼ 2.85% RAIL3 14.11 ▼ 1.74% KLABIN 17.48 ▼ 0.34% RAIA DROGASIL 18.20 ▼ 3.04% RDOR3 35.56 ▼ 1.28% HAPV3 10.46 ▼ 1.32% FLRY3 16.15 ▼ 1.64% SMTO3 16.37 — 0.00% UGPA3 30.93 ▲ 0.72% VBBR3 32.76 ▼ 0.73% BBSE3 40.28 ▼ 0.17% BPAC11 57.52 ▼ 2.06% CURY3 33.12 ▼ 3.19% AERI3 2.08 ▼ 0.48% VIVARA 23.11 ▼ 1.79% COMPASS 24.77 ▼ 2.86% VAMOS 3.02 ▼ 1.31% SANB11 27.37 ▼ 0.91% ASAI3 8.71 ▼ 1.80% SBSP3 30.37 ▼ 2.38% WALMEX 49.66 ▲ 0.69% GMEXICO 195.76 ▼ 1.74% FEMSA 225.36 ▲ 0.92% CEMEX 21.79 ▼ 0.32% GFNORTE 181.91 ▼ 2.51% BIMBO 55.97 ▼ 0.23% TELEVISA 9.58 ▼ 1.54% AMX 22.86 ▲ 0.70% GAP 407.66 ▼ 1.17% ASUR 278.66 ▼ 2.27% OMA 232.47 ▼ 1.70% KOF 181.26 ▲ 0.62% GRUMA 281.09 ▼ 0.87% KIMBER 38.20 ▲ 0.34% SQM-B 67,211 ▼ 0.80% COPEC 6,057 ▼ 1.33% BSANTANDER 78.20 ▼ 1.01% FALABELLA 5,905 — 0.00% ENELAM 84.20 ▼ 1.41% CENCOSUD 2,040 ▼ 0.25% CMPC 1,078 ▼ 2.80% BANCO CHILE 185.00 ▼ 2.05% LATAM AIR 24.90 ▼ 5.18% YPF 77,175 ▲ 3.73% GGAL 8,095 ▼ 2.88% PAMPA 5,225 ▲ 0.87% TXAR 661.50 ▼ 1.42% ALUAR 964.50 ▼ 1.13% TGS 9,580 ▼ 0.16% CEPU 2,324 ▼ 3.01% MIRGOR 17,050 ▼ 1.16% COME 44.85 ▼ 2.31% LOMA NEGRA 3,500 ▼ 2.30% BYMA 308.25 ▼ 1.83% TELECOM ARG 4,248 ▲ 0.06% ECOPETROL 15.88 ▲ 1.93% BANCOLOMBIA 80.42 ▼ 3.05% GRUPO AVAL 4.91 ▼ 3.16% CREDICORP 389.22 ▼ 2.89% SOUTHERN COPPER 174.53 ▼ 0.74% BUENAVENTURA 29.82 ▼ 0.60% MERCADOLIBRE 1,867 ▲ 0.81% NUBANK 13.67 ▼ 0.65% XP 16.37 ▼ 3.25% PAGSEGURO 9.28 ▲ 0.32% STONE 11.15 ▼ 0.54% GLOBANT 32.12 ▲ 7.21% TECNOGLASS 42.84 ▼ 2.41% GAP AIRPORT 232.77 ▼ 1.22% ASUR 278.66 ▼ 2.27% OMA AIRPORT 106.13 ▼ 1.77% AMX ADR 26.02 ▲ 0.04% FEMSA ADR 129.01 ▲ 1.06% CEMEX ADR 12.45 ▼ 0.24% PETROBRAS ADR 17.88 ▲ 3.23% VALE ADR 14.18 ▼ 1.94% ITAU ADR 8.47 ▼ 1.74% SANTANDER BR 5.34 ▼ 1.02% AMBEV ADR 3.06 ▼ 0.33% CSN 1.03 ▲ 1.49% GERDAU 4.49 ▼ 0.22% LATAM ADR 53.33 ▼ 5.53% BTC 62,713 ▲ 0.76% ETH 1,793 ▲ 1.11% SOL 75.16 ▲ 0.40% XRP 1.07 ▲ 0.42% BNB 569.97 ▲ 0.59% ADA 0.16 ▲ 0.68% DOGE 0.07 ▲ 0.29% AVAX 6.42 ▼ 0.38% LINK 7.95 ▲ 0.96% DOT 0.83 ▼ 0.19% LTC 43.58 ▲ 0.21% BCH 237.50 ▲ 0.54% TRX 0.33 ▲ 0.32% XLM 0.18 ▼ 0.20% HBAR 0.07 ▼ 0.67% NEAR 1.98 ▲ 3.20% ATOM 1.53 ▼ 0.45% AAVE 96.28 ▲ 2.03% SELIC 14.25% EMBRAER 83.01 ▼ 1.88% EMBRAER ADR 64.48 ▼ 2.32% JBS 11.80 ▼ 0.92% JBS BDR 60.61 ▼ 0.28% MBRF3 15.72 ▲ 1.09% MBRFY 3.03 ▲ 0.33% INTER 5.65 ▼ 2.92% EGX 52,299 ▼ 0.59% USD/ZAR 16.46 ▼ 0.02% USD/NGN 1,381 ▲ 0.20% NIKKEI 67,744 ▲ 0.74% CSI300 4,797 ▲ 2.15% HSI 24,341 ▲ 0.52% NIFTY 24,052 ▼ 0.66% KOSPI 6,857 ▲ 0.73% JCI 6,040 ▲ 0.03% USD/JPY 162.19 ▼ 0.15% USD/CNY 6.7671 ▼ 0.06% DAX 24,908 ▼ 0.82% CAC 8,306 ▼ 0.70% FTSE 10,474 ▼ 0.24% MIB 52,608 ▼ 0.38% IBEX 19,171 ▼ 0.85% STOXX 638.24 ▼ 0.43% EUR/USD 1.1409 ▲ 0.19% GBP/USD 1.3385 ▲ 0.27% SPX 7,515 ▼ 0.79% DJI 52,499 ▼ 0.26% NDX 29,264 ▼ 1.88% RUT 2,953 ▼ 0.83% TSX 35,253 ▼ 0.15% VIX 17.39 ▲ 1.34% USD/CAD 1.4113 ▼ 0.28% US10Y 4.6090 ▲ 0.88%
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The Curmudgeon’s Post Election Predictions

By · November 2, 2010 · 3 min read

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Opinion, by Michael Royster

The Curmudgeon had predicted the results of the second round election would be sixty to forty percent in favor of Dilma Rousseff. The actual result was 56 to 44, meaning his crystal ball was cloudy. Nevertheless, he has taken it out of its protective cloth and will look at what the future holds for Lula, Brazil and Rio de Janeiro under President Dilma.

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Taking things chronologically, what will President Lula do until New Year’s Day 2011, other than inaugurate public works projects? One thing he should do is resolve some pending matters that are fraught with international and national political consequences, rather than leaving them for Dilma.

One is the choice of the new fighter plane for the Air Force. Lula has indicated the choice will be political, not technical. He’s been tending towards a better relationship with France so the odds are he’ll make that choice now. Another question is whether or not to extradite Cesare Battisti to Italy, where he was convicted of homicide. A decision by a divided Brazilian Supreme Court (STF) in late 2009 left that hot potato in Lula’s lap. Leaving this decision to Dilma would be widely construed as cowardice.

Also waiting on Lula is the appointment of the 11th Justice for the STF. This has become politically charged by the recent fifty, fifty split of the court on the question of the applicability of the Ficha Limpa (Clean Rap Sheet) law. A newly-appointed 11th Justice could vote, in a new case, to overturn the decision, which would directly affect the party composition in Congress. The Curmudgeon predicts Lula will wait until all pending decisions in electoral matters have been resolved, before he makes an appointment.

Closer to home, Dilma’s election is a boon for Rio de Janeiro. Since 2008, for the first time since Brazil became a republic, the federal, state and municipal governments are all part of the same political coalition. This has, happily, resulted in the 2016 Olympic Games coming to Rio, with a sort of sneak preview being the 2014 World Cup in Brazil. The cooperation of all three levels of government was absolutely essential for these efforts and will continue over the next four years under Dilma.

It should not be forgotten that the Olympic Games will require money from all three levels of government—lots of money. Now that the pre-salt finds have been confirmed, Rio has had to face the prospect that its sixty percent share of all the revenue from offshore drilling will cease—other states want a much bigger share in this windfall. One of the things Lula needs to do before leaving office is cobble together a solution with the congressional coalition, whereby non-producing states get more than they now do, but Rio is not left empty-handed. Dilma will administer this solution (with Lula looking over her shoulder).

Other than looking over Dilma’s shoulder, what will Lula do for the next four years? One option is to become the Secretary General of UNASUR, the Union of South American States. That office had been reserved to the late Nestor Kirchner till 2011, but it is now Lula’s for the asking. He’ll ask, because it will give him lots of international exposure, which is what he craves. That will leave him plenty of time to be a roving ambassador for expanding Brazilian influence in Africa, particularly the Lusophone states where he won’t have to speak any language other than Portuguese.

POSTSCRIPT. In 2014, Lula will be a candidate for President and Sérgio Cabral will be his running mate. Dilma will run for Senator in the State of Rio Grande do Sul.

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