Senator Flavio Bolsonaro (PL-SP) blamed the government of President Luiz Inacio Lula da Silva (PT) for the terrible reaction of the financial market after announcing his presidential candidacy in 2026.
The senator said upon his arrival in Brasilia on Friday evening (12/5): “It does not mean that the market’s reaction is bad. The market understands, as I also understand, that Brazil cannot bear another four years of the (Lula) government, and the market is worried.”
Early this afternoon, Friday Capitals Jair Bolsonaro has chosen Flavio to run for president in the 2026 elections, he said, in Paolo Capelli’s column.
The market reacted poorly to the news and the “Flavio Bolsonaro effect” caused the Ibovespa Index, the main index of the Brazilian Stock Exchange (B3), to fall by 4.31%, to 157,369.36 points – the worst result since February 2021.
The dollar rose on Friday. The US currency rose by 2.31%, reaching 5.43 Brazilian reals, the highest value since October 16.
“The market did not expect this move and reacted immediately, practically decoupling Brazil from the rest of the world, as stock markets continued to rise moderately,” says Christian Jarosi, economist at The Hill Capital. “The prevailing reading is that this announcement reduces expectations, previously present among investors, that São Paulo’s governor, Tarcisio de Freitas (Republicans), could cement himself as a competitive alternative to the incumbent government in 2026.”
Before heading to Brasilia, Senator Flavio Bolsonaro spoke with Capitals In the lobby of Congonhas Airport in São Paulo, he commented on the financial market reaction.
“I know what some in the market prefer, but what I have to tell everyone is to stay very calm,” he said. “Because certainly the economic program that we will propose for our country will be exactly the best, not for the market, best for the Brazilian people, but with a lot of predictability, with a lot of stability and with very serious people on our side in politics.”
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Flavio is in the running for Planalto in 2026
Flavio Bolsonaro announced on Friday that he has been officially chosen by his father to run in the Palacio do Planalto elections, representing the Bolsonarians.
In a message on social media, the senator said he received the nomination “with great responsibility” and highlighted Jair Bolsonaro as “Brazil’s greatest political and moral leader.” He also said that he intends to continue the “Nation Project” started by the former president.
Flavio’s selection marks the first time that Jair Bolsonaro, currently imprisoned in a federal police prison in Brasilia, has publicly announced his intention to send a family member to Planalto.
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In the Liberal Party’s internal assessments, the former president believes his son could strengthen his position as he takes on the role of pre-candidate, with trips around the country and cooperation with allies.
Flavio also enjoys the support of governors allied with Bolsonarianism, such as Tarcisio de Freitas (Republicans), in São Paulo, and Claudio Castro (PL), in Rio de Janeiro. The expectation in the party is that the senator will serve as a rallying point for the party and maintain the mobilization of the political base his father has built in recent years.