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/CLP 948.45 — 0.00% USD/COP3,215▼ 0.05% USD/PEN3.40▼ 0.13% 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— 0.00% BRENT 89.76 ▼ 7.25% WTI 83.75 ▼ 6.23% IRON ORE 161.91 — — COPPER 6.39 ▲ 1.16% GOLD 4,100 ▲ 0.79% SILVER 59.44 ▲ 1.34% SOY 1,219 ▼ 2.36% CORN 473.25 ▲ 1.94% WHEAT 669.50 ▼ 1.25% COFFEE 322.55 ▲ 2.79% SUGAR 14.59 ▼ 1.22% ORANGE JUICE 142.65 ▼ 2.83% COTTON 79.70 ▲ 1.46% COCOA 5,261 ▼ 2.14% 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 ▲ 0.39% ASUR 267.99 ▼ 0.69% OMA AIRPORT 103.43 ▼ 0.68% AMX ADR 26.01 — 0.00% FEMSA ADR 127.12 — 0.00% 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 — 0.00% GERDAU 4.81 ▲ 0.84% LATAM ADR 50.15 ▲ 0.62% BTC 65,127 ▼ 0.33% ETH 1,960 ▲ 0.31% SOL 76.60 ▼ 0.00% XRP 1.11 ▼ 0.53% BNB 572.76 ▼ 0.30% ADA 0.16 ▼ 0.61% DOGE 0.07 ▼ 0.86% AVAX 6.66 ▼ 1.10% LINK 8.76 ▼ 0.59% DOT 0.81 ▼ 2.18% LTC 47.00 ▼ 1.66% BCH 218.73 ▲ 0.88% TRX 0.33 ▼ 0.53% XLM 0.18 ▼ 0.37% HBAR 0.07 ▼ 1.25% NEAR 1.83 ▼ 0.32% ATOM 1.38 ▼ 1.24% AAVE 100.88 ▼ 0.62% 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/ZAR16.71▼ 0.74% 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/JPY163.60▼ 0.02% 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▲ 0.04% GBP/USD1.33▼ 0.15% 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▲ 0.13% 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 948.45 — 0.00% USD/COP 3,215 ▼ 0.05% USD/PEN 3.40 ▼ 0.13% 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 ▼ 0.00% BRENT 89.76 ▼ 7.25% WTI 83.75 ▼ 6.23% IRON ORE 161.91 — — COPPER 6.39 ▲ 1.16% GOLD 4,100 ▲ 0.79% SILVER 59.44 ▲ 1.34% SOY 1,219 ▼ 2.36% CORN 473.25 ▲ 1.94% WHEAT 669.50 ▼ 1.25% COFFEE 322.55 ▲ 2.79% SUGAR 14.59 ▼ 1.22% ORANGE JUICE 142.65 ▼ 2.83% COTTON 79.70 ▲ 1.46% COCOA 5,261 ▼ 2.14% 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 ▲ 0.39% ASUR 267.99 ▼ 0.69% OMA AIRPORT 103.43 ▼ 0.68% AMX ADR 26.01 — 0.00% FEMSA ADR 127.12 — 0.00% 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 — 0.00% GERDAU 4.81 ▲ 0.84% LATAM ADR 50.15 ▲ 0.62% BTC 65,127 ▼ 0.33% ETH 1,960 ▲ 0.31% SOL 76.60 ▼ 0.00% XRP 1.11 ▼ 0.53% BNB 572.76 ▼ 0.30% ADA 0.16 ▼ 0.61% DOGE 0.07 ▼ 0.86% AVAX 6.66 ▼ 1.10% LINK 8.76 ▼ 0.59% DOT 0.81 ▼ 2.18% LTC 47.00 ▼ 1.66% BCH 218.73 ▲ 0.88% TRX 0.33 ▼ 0.53% XLM 0.18 ▼ 0.37% HBAR 0.07 ▼ 1.25% NEAR 1.83 ▼ 0.32% ATOM 1.38 ▼ 1.24% AAVE 100.88 ▼ 0.62% 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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Analysis Brazil

Venezuela’s Diplomatic Gamble: Antagonizing Brazil and the Potential Fall of Maduro

By · November 1, 2024 · 2 min read

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(Analysis) Venezuela’s recent provocative actions against Brazil have raised eyebrows across Latin America. The Venezuelan National Bolivarian Police shared a provocative image on social media.

It displayed the Brazilian flag with a silhouette resembling President Lula, accompanied by the threatening message “Whoever messes with Venezuela gets hurt.”

This bold move has escalated tensions between the two nations, potentially marking a turning point in regional dynamics. The provocation follows Brazil’s veto of Venezuela’s entry into the BRICS economic bloc.

This decision surprised many, given Brazil’s traditionally leftist government under President Lula. Venezuela’s aggressive response, including recalling its ambassador from Brazil, has only served to deepen the rift.

Brazil, Latin America’s largest economy and military power, shares a direct border with Venezuela. In response to the growing tensions, Brazil has significantly increased its military presence along this frontier.

Venezuela's Diplomatic Gamble: Antagonizing Brazil and the Potential Fall of Maduro
Venezuela’s Diplomatic Gamble: Antagonizing Brazil and the Potential Fall of Maduro. (Photo Internet reproduction)
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The Brazilian Army has deployed armored vehicles and additional troops to the border city of Boa Vista, demonstrating its readiness to defend its territory if necessary.

Venezuela’s Diplomatic Crisis with Brazil

This military buildup serves as a stark reminder of Brazil’s strategic advantage in any potential conflict. Venezuela is already struggling with a severe economic crisis and international isolation.

It can ill afford to antagonize such a powerful neighbor. Maduro’s regime seems to be miscalculating the consequences of its actions.

By alienating Brazil, Venezuela risks losing one of the few remaining countries in the region that had maintained relatively cordial relations. This diplomatic misstep could accelerate Maduro’s isolation and potentially hasten the regime’s downfall.

The Venezuelan people, already suffering from years of economic mismanagement and political repression, may view this confrontation with Brazil as the last straw.

With over 7.7 million Venezuelans having fled the country since 2014, the humanitarian crisis continues to worsen. Food insecurity is expected to affect up to 3.5 million people by July 2024.

As Venezuela pushes away its most influential neighbor, it may be inadvertently setting the stage for its own undoing. Brazil’s economic and military might, combined with its regional influence, could prove decisive in shaping Venezuela’s future.

The millions of Venezuelans hoping for change may see this diplomatic crisis as a potential catalyst for the long-awaited end of Maduro’s rule. In this high-stakes game of regional politics, Maduro’s regime appears to be making a grave miscalculation.

By turning Brazil from a cautious neighbor into a potential adversary, Venezuela may have sealed its own fate. The coming months will likely prove crucial in determining whether this diplomatic crisis marks the beginning of the end of Maduro’s troubled reign.

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