IBOV 172,060.43 ▲ 0.42% IPC MEX 72,419.39 ▲ 0.73% MERVAL 2,848,945 — — USD/BRL5.58— 0.00% USD/MXN18.64▲ 0.20% USD/CLP982.08▼ 0.22% USD/COP3,279▼ 0.85% USD/PEN3.41▼ 0.03% USD/ARS1,544▼ 0.03% USD/UYU40.52▲ 3.32% USD/PYG6,174▲ 3.14% USD/BOB11.63▲ 1.12% USD/DOP60.48▲ 0.05% USD/CRC446.01▲ 1.79% USD/GTQ7.64▲ 3.16% USD/HNL26.90▲ 3.29% USD/NIO36.62▲ 2.73% USD/VES902.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.49▲ 2.41% USD/TTD6.72▲ 2.22% EUR/BRL6.18▼ 0.80% BRENT 92.66 ▼ 0.11% WTI 86.45 ▼ 0.09% IRON ORE 161.91 — — COPPER 6.23 ▼ 0.79% GOLD 3,971 ▼ 0.75% SILVER 51.31 ▼ 1.11% SOY 1,227 ▼ 0.20% CORN 448.00 — 0.00% WHEAT 600.75 ▲ 0.21% COFFEE 265.45 ▼ 2.19% SUGAR 18.47 ▲ 2.10% ORANGE JUICE 146.60 ▼ 0.10% COTTON 82.35 ▲ 4.65% COCOA 5,061 ▲ 6.73% BEEF 218.98 ▼ 0.10% CATTLE 327.80 ▼ 0.77% LITHIUM 61.07 ▲ 1.82% PETR4 43.55 ▼ 3.11% VALE3 64.43 ▼ 0.57% ITUB4 41.72 ▲ 1.26% BBDC4 14.33 ▼ 1.44% ABEV3 15.85 ▲ 0.38% BBAS3 16.89 ▼ 1.23% B3SA3 14.80 ▲ 2.21% WEGE3 51.61 ▲ 1.30% PRIO3 61.47 ▲ 2.42% SUZB3 53.80 ▼ 1.21% RENT3 30.24 ▲ 1.51% AZZA3 15.37 ▲ 4.34% CSAN3 3.03 ▲ 13.06% RAIZ4 0.30 ▼ 98.60% PCAR3 2.54 ▼ 0.78% GMAT3 4.08 ▲ 7.09% PSSA3 45.98 ▼ 1.48% CVCB3 0.86 — 0.00% POSI3 3.32 ▲ 5.40% SLCE3 17.05 ▼ 0.23% NATU3 5.62 ▲ 1.26% BRKM5 2.92 — 0.00% RANI3 8.39 ▼ 0.71% CSNA3 4.52 ▲ 3.20% IBOV 172,060.43 ▲ 0.42% IPC MEX 72,419.39 ▲ 0.73% MERVAL 2,848,945 — — USD/BRL 5.58 ▲ 0.00% USD/MXN 18.63 ▲ 0.17% USD/CLP 982.08 ▼ 0.22% USD/COP 3,288 ▼ 0.60% USD/PEN 3.41 ▼ 0.03% USD/ARS 1,544 ▼ 0.11% USD/UYU 40.52 ▲ 3.32% USD/PYG 6,174 ▲ 3.14% USD/BOB 11.63 ▲ 1.12% USD/DOP 60.48 ▲ 0.13% USD/CRC 446.01 ▲ 1.79% USD/GTQ 7.64 ▲ 3.18% USD/HNL 26.90 ▲ 3.29% USD/NIO 36.62 ▲ 2.73% USD/VES 902.19 ▲ 0.19% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.49 ▲ 2.41% USD/TTD 6.72 ▲ 2.22% EUR/BRL 6.18 ▼ 0.78% BRENT 92.66 ▼ 0.11% WTI 86.45 ▼ 0.09% IRON ORE 161.91 — — COPPER 6.23 ▼ 0.79% GOLD 3,971 ▼ 0.75% SILVER 51.31 ▼ 1.11% SOY 1,227 ▼ 0.20% CORN 448.00 — 0.00% WHEAT 600.75 ▲ 0.21% COFFEE 265.45 ▼ 2.19% SUGAR 18.47 ▲ 2.10% ORANGE JUICE 146.60 ▼ 0.10% COTTON 82.35 ▲ 4.65% COCOA 5,061 ▲ 6.73% BEEF 218.98 ▼ 0.10% CATTLE 327.80 ▼ 0.77% LITHIUM 61.07 ▲ 1.82% PETR4 43.55 ▼ 3.11% VALE3 64.43 ▼ 0.57% ITUB4 41.72 ▲ 1.26% BBDC4 14.33 ▼ 1.44% ABEV3 15.85 ▲ 0.38% BBAS3 16.89 ▼ 1.23% B3SA3 14.80 ▲ 2.21% WEGE3 51.61 ▲ 1.30% PRIO3 61.47 ▲ 2.42% SUZB3 53.80 ▼ 1.21% RENT3 30.24 ▲ 1.51% AZZA3 15.37 ▲ 4.34% CSAN3 3.03 ▲ 13.06% RAIZ4 0.30 ▼ 98.60% PCAR3 2.54 ▼ 0.78% GMAT3 4.08 ▲ 7.09% PSSA3 45.98 ▼ 1.48% CVCB3 0.86 — 0.00% POSI3 3.32 ▲ 5.40% SLCE3 17.05 ▼ 0.23% NATU3 5.62 ▲ 1.26% BRKM5 2.92 — 0.00% RANI3 8.39 ▼ 0.71% CSNA3 4.52 ▲ 3.20%
since 2009
Thursday, November 12, 2026

Brazil Politics - Brazil

Bolsonaro’s Brazil Totters Blindly, as Government Support Crashes After Moro’s Exit

By · · 6 min read

RIO DE JANEIRO, BRAZIL – The explosive departure of ex-Minister of Justice Sérgio Moro has opened a new and dangerous chapter for Brazil and Jair Bolsonaro’s government that is poisoning loyal voters, wards off potential investors, and strengthens the discourse of those calling for the President’s impeachment.

The São Paulo stock market plummeted almost ten percentage points on Friday while Bolsonaro lost his symbol of the fight against corruption, following serious allegations that he removed Maurício Valeixo from the Federal Police leadership, and sought to interfere in investigations, something even Bolsonaro’s arch-enemy predecessors had not done.

4
Constituents are disappointed with the President over ex-Minister Sergio Moro’s disclosures, while pressure for his removal increases and the financial market loses direction.

“Imagine if, during Lava Jato, then-President Rousseff and ex-president Luiz [Lula] were to keep calling the authorities for information?” Moro said in a statement that surprised the political world.

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Just as serious as Moro’s departure, is Bolsonaro’s penchant to fire nuclear bombs on his government and to engender soap operas that twist around himself, as Brazil lives the panic of the coronavirus pandemic which has killed more than 3,000. “There is a surge of crises – [the switch of health ministers was the most recent] while fighting the largest of all in this generation, the coronavirus pandemic,” notes Thiago de Aragón, a political scientist at Arko Advice.

“It’s as if a couple were kidnapped, and during the kidnapping, the woman decided to ask for a divorce,” he compares. The betting market is already speculating on a potential departure of Minister Paulo Guedes in the aftermath, but for now, it’s just speculation.

Bolsonaro tried to circumvent the Moro earthquake, appearing alongside virtually the whole team of cabinet ministers – including a mask-wearing Paulo Guedes – to defend himself against Moro’s accusations. Ironically, the cure seemed worse than the disease. The president denied that he interfered with the work of the PF, but admitted that he was looking for a direct interlocutor to learn about a number of investigations.

“I want a police chief I can interact with. Why not?” The disappointment of part of the President’s constituency immediately materialized. “Bolsonaro no longer represents me, he fell out with the only hero Brazil had,” lamented Ulysses, an administrator from Belo Horizonte, who until Thursday had been a fierce advocate of the current government.

In São Paulo, financial analyst Debora jumped ship as soon as Moro presented his reasons to resign. “I wanted the PT (Workers’ Party) out of power anyway possible so I voted for Bolsonaro. Now I believe in Moro more than in him,” she says.

Both Debora and Ulysses were part of the group of voters who applauded Lava Jato and saw in Minister Moro the hope that the siege against corruption would continue firmly under the Bolsonaro administration. It is this government support base that started to crumble with the exit of Sérgio Moro, now more popular than President Jair Bolsonaro, as shown by the Political Atlas Institute poll.

Moro enjoys a 53 percent favorable rating among Brazilians, compared to 39 percent for Bolsonaro, according to the institute’s most recent survey.

“Within the Bolsonarist discourse, the most resilient slant has always been related to fighting corruption and crime,” explains Andrei Roman, a political scientist at Atlas. “As the person in charge of the main convictions in Lava Jato and the imprisonment of [ex-president] Lula, Moro ensured the Bolsonaro government a seal of legitimacy and authenticity with respect to this discourse,” he adds.

2
Bolsonaro tried to circumvent the Moro earthquake, appearing alongside virtually the whole team of ministers to defend himself against the accusations. Is Paulo Guedes’ facemask a hint of his future?

However, the radical voters who support any of Bolsonaro’s decisions, and who amplify his corrosive lines, a group that will support him for some time, are firmly behind him. The President’s appearance alongside his Ministers, including those of military rank, has also fostered the notion that the President is not alone, and that the Armed Forces are standing firmly by him, although behind the scenes there are many indications of unease.

“There’s still plenty of fuel left in the tank. The President can take on an even more aggressive narrative, to consolidate the support of 22 percent of Brazilians,” says Thiago de Aragão, a political scientist with Arko Advice. With this popularity, Bolsonaro would secure enough support, and would be shielded from the pressure of impeachment, for instance.

The issue came up again this Friday, with pressure from politicians, such as former president Fernando Henrique Cardoso, and organizations such as the Brazilian Bar Association (OAB), to assess the president’s removal from office. There are now more than 20 impeachment petitions lodged in Congress against the President. Aragão believes it is too early for that. He recalls that Dilma Rousseff had about eight percent support when she was removed from office in 2016.

Former president Michel Temer (2016-218) also had less than ten percent support in the polls but relied on Congress’ support. Not by chance did the government start negotiating with deputies from the so-called Centrão (center-right parties), renowned for their crony-favoring “physiological” profile – several of them under investigation by Lava Jato – to garner the support he lacks today.

Bolsonaro decided to invest in an alliance with a congressional bloc that would give him a majority in Congress needed to win a tug-of-war with the Chamber president, Rodrigo Maia and guarantee governance. In exchange, there would be a distribution of executive top-echelon positions. The strategy, however, is shaky, in the reading of an experienced observer of the Centrão’s behavior.

“There are moments when there are no conditions to hold anything at all,” says leftist José Eduardo Cardozo, who was the Minister of Justice in Dilma Rousseff’s administration. “I remember in the impeachment proceedings [in 2016] how people jumped ship. The feeling is the same,” says Cardozo, who stood up for Dilma at the time.

The former Justice Minister believes that Moro’s speech on his way out has had a devastating impact on Bolsonaro, irrespective of his negotiations.

“The President signals that he intends to intercept inquiries trying to surface, like the fake news [conducted by the Supreme Court, which may affect his son Carlos Bolsonaro, suspected of spreading false news to benefit his father],” he says.

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The President’s appearance alongside his Ministers, including those of military rank, has also fostered the notion that the Armed Forces are standing firmly by him, although behind the scenes there are many indications of unease.

“When someone wants to obstruct an investigation, using non-republican methods, it’s because they have something to hide,” he adds, recalling the culture of independence that’s been built at great cost by the Federal Police.

This is causing more damage to the already fragile image of the President worldwide. “An investor told me: ‘How can I expect, in the short and medium-term, that decisions will be made rationally and not emotionally in Brazil?”, says Aragão, recalling that money holders seek predictability to make their choices.

Predictability is something that Brazil lost a long time ago.

Source: El País

Live Market IntelligenceBrazil — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

Rio Times · Live Market Intelligence

Brazil — Live Market Board

B3 · São Paulo
Nov 12, 2026 · 04:32

Ibovespa · benchmark
172,060.43
+0.42%
+9.07% over 12 months

Market breadth · 15 names
60% advancing

9 ▲ advancing6 declining ▼

Currencies, rates & key inputs
USD / BRL
5.58
+0.00%

EUR / BRL
6.18
-0.78%

Selic rate
13.75%
·

Brent crude
92.66
-0.11%

Iron ore
161.91
·

Sector heatmap · average move today
Consumer Disc.
+4.34%
AZZA3

Industrials
+1.41%
WEGE3, RENT3

Utilities
+1.22%
ENEV3

Consumer Staples
+0.38%
ABEV3

Financials
+0.20%
ITUB4, BBDC4, BBAS3, B3SA3

Mining
+0.13%
VALE3, CSNA3, GGBR4

Energy
-0.35%
PETR4, PRIO3

Materials
-1.21%
SUZB3

Latin America scoreboard
IndexLastTodayStrength
IbovespaBrazil
172,060.43
+0.42%

S&P/BMV IPCMexico
72,419.39
+0.73%

S&P IPSAChile
10,552.02
-0.43%

S&P MERVALArgentina
2,848,945
—

MSCI COLCAPColombia
2,486.39
-1.65%

Full instrument board
Instrument Last Change YoY Prev. High Low Volume
IBOV 172,060.43 +0.42% +9.07% 171,336.99 — — —
USD/BRL 5.58 +0.00% +5.92% 5.58 5.58 5.58 —
SELIC 13.75% — — — — —
PETR4 43.55 -3.11% +31.17% 44.95 44.52 43.30 65,089,600
VALE3 64.43 -0.57% -0.94% 64.80 65.47 64.16 12,171,000
ITUB4 41.72 +1.26% +4.25% 41.20 42.09 41.55 19,415,700
BBDC4 14.33 -1.44% -26.48% 14.54 14.82 14.33 45,613,900
BBAS3 16.89 -1.23% -28.04% 17.10 17.31 16.89 29,418,100
B3SA3 14.80 +2.21% +9.39% 14.48 14.92 14.59 40,245,900
ABEV3 15.85 +0.38% +16.63% 15.79 15.88 15.74 21,260,300
WEGE3 51.61 +1.30% +12.12% 50.95 52.00 50.95 9,826,200
PRIO3 61.47 +2.42% +52.53% 60.02 61.99 60.50 18,937,900
SUZB3 53.80 -1.21% +15.57% 54.46 54.64 53.71 7,203,500
RENT3 30.24 +1.51% -30.08% 29.79 30.77 29.93 8,008,800
AZZA3 15.37 +4.34% -46.54% 14.73 15.45 14.74 3,535,400
CSNA3 4.52 +3.20% -45.61% 4.38 4.52 4.38 15,203,500
GGBR4 25.25 -2.25% +33.60% 25.83 25.81 24.98 5,425,100
ENEV3 27.38 +1.22% +41.94% 27.05 27.66 27.05 7,114,000

Largest moves today
AZZA3
15.37
+4.34%
CSNA3
4.52
+3.20%
PETR4
43.55
-3.11%
PRIO3
61.47
+2.42%
GGBR4
25.25
-2.25%
B3SA3
14.80
+2.21%
RENT3
30.24
+1.51%
BBDC4
14.33
-1.44%

The session read
The Ibovespa rose 0.42%, with breadth positive — 9 of 15 names higher. Consumer Disc. led, while Materials lagged.

This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error

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