Brazil stocks to slide as world leaders condemn pro-Bolsonaro riots

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BRASILIA, Brazil – January 08, 2023: Damage caused at the Supreme Court by supporters of former Brazilian President Jair Bolsonaro.

Carl De Souza/AFP via Getty Images

Brazilian stocks are expected to fall on Monday after supporters of former right-wing president Jair Bolsonaro stormed government buildings on Sunday in protest against his election loss.

The iShares MSCI Brazil UCITS ETF was down 1.2% early Monday, signaling a decline when markets in South America’s largest economy open later in the day.

Supporters of Bolsonaro stormed the Brazilian Congress, the Supreme Court and the presidential palace in Brasilia on Sunday. The demonstrators refused to accept his legitimate election case in October against the leftist rival Luiz Inácio Lula da Silva.

The riots came a week after Lula’s inauguration as president and saw Bolsonaro’s supporters bypass security barricades and vandalize the three buildings, resulting in more than 400 arrests after hours of clashes with security forces.

BRASILIA, Brazil – January 08, 2023: Damaged furniture is seen piled up in front of the Palacio do Planalto (official workplace of the Brazilian president) after a protest by supporters of former Brazilian President Jair Bolsonaro against President Luiz Inacio Lula da Silva.

Mateus Bonomi / Anadolu Group via Getty Images

“The coup planners who incited the destruction of public property in Brasilia are identified and will be punished,” Lula said in a tweet on Sunday night, voting to resume work in the palace on Monday.

The new president had to declare emergency powers and close the center of the capital for 24 hours until order is restored.

In a press conference, Lula said that the government was hunting the financiers of the riot. He accused security forces of “incompetence, bad faith or malice” in allowing the riots, some of which called for military intervention to oust Lula or Bolsonaro. restore power, access government buildings.

He also accused the former president of encouraging “fascist fanatics,” a charge Bolsonaro denied in a series of tweets on Sunday.

“Peaceful demonstrations, according to the law, are part of democracy. However, depredations and attacks on public buildings like those that happened today, as well as those used by the left in 2013 and 2017, ignore the rule,” said Bolsonaro. He said, according to between – translation.

The events have been similar to the January 6, 2021 attack on the US Capitol building by supporters of former president Donald Trump.

In a tweet on Sunday night, US President Joe Biden condemned what he called “the attack on democracy and the peaceful transfer of power in Brazil.”

Biden said, “Brazil’s democratic institutions have our full support and the will of the Brazilian people should not be undermined.”

UK Prime Minister Rishi Sunak on Monday also condemned “any attempt to undermine the peaceful transfer of power and the democratic will of the Brazilian people.” “

Sunak said that Lula’s government has the “full support” of the UK and that he was looking forward to building on the ties between the two countries in the years to come.

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