FT News Briefing Bolsonaro supporters storm Brazil’s capital
Jan 9, 2023
Supporters of Jair Bolsonaro ignited chaos in Brazil's capital, posing challenges for President Lula. The unrest mirrors political tensions seen in the U.S., raising questions about legitimacy and consequences. Meanwhile, U.S. banks are bracing for potential loan defaults as they prepare to announce promising profits. Gulf sovereign wealth funds are shifting strategies, focusing on diversifying investments in technology and electric vehicles to reduce oil dependency and create jobs for the youth.
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Brazilian Protests
- Thousands of Bolsonaro supporters stormed Brazil's capital, protesting Lula's recent election win.
- They invaded the Congress, Supreme Court, and Presidential Palace, mirroring the January 6th US Capitol riot.
Symbolic Attack
- The Brazilian protests were similar to the US Capitol riot, but more symbolic.
- The buildings invaded were empty as Congress was not in session.
US Bank Earnings
- US banks profited from increased loan charges while deposit rates remained stagnant.
- Investors worry this trend will reverse as the Federal Reserve slows rate hikes.