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Brazilian assets came under renewed pressure after Lula's re-election because the economic team for his fourth term remains unannounced. Uncertainty also centers on heterodox proposals to curb public debt, including an article by economist André Lara Resende calling for a cap on the policy rate.
The dollar closed at R$5.48, its highest level of the year, and the Ibovespa fell 1.42%.
Fiscal and policy uncertainty keeps the real under pressure, which supports the dollar price of Brazilian grain and meal exports. Expectations of higher rates for longer also raise financing costs for Brazilian feed and livestock operators.
oglobo.globo.comPaulo Renato Nepomuceno, Mayra CastroNov 4, 2026After 301 past bullish macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (57% higher; middle half -1.2% to +1.7%), and +1.0% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
