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Markets Reopen Following Independence Day Holiday and Bolsonaro Rallies

BRAZIL
  • Brazil returns from Independence Day holiday after President Bolsonaro attacked Brazil's top court amid massive pro-government rallies held around the country on Tuesday.
    • The president doubled down on his attacks on Brazil's electronic voting system, telling supporters at the rally he refused to take part in an election "farce" in 2022.
    • "We want clean, democratic elections, with an auditable vote and public count... I can't participate in a farce like the one being sponsored by the Superior Electoral Tribunal," the embattled far-right leader told a crowd of flag-waving supporters in Sao Paulo.
    • "We will no longer accept that people like Alexandre de Moraes continue to lash out at our democracy and disrespect our constitution".
  • The latest ATLAS poll shows support for the President deteriorating further:
    • Bolsonaro's disapproval rating at 64% vs. prior 62%
    • Bolsonaro's approval rating at 32% vs. prior 36%
    • Bolsonaro's govt rated bad/terrible by 61% vs. 59%
  • The figures largely reflect challenges including inflation nearing 10%, weaker backing from business and agribusiness lobbies and the Senate probe into his erratic handling of the pandemic that continues to uncover signs of scandal.
  • *Interestingly earlier today, Brazil's IGP-DI inflation fell in August; economists expected a rise.
    • IGP-DI inflation fell 0.14% m/m (estimate +0.05%) in August versus +1.45% in July, according to Getulio Vargas Foundation (FGV)
    • August IPCA inflation will be released tomorrow where the headline annual rate is expected to increase to 9.5%.
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