Jair Bolsonaro, a far-right firebrand former Army captain, won Brazil’s presidential election in convincing fashion, wooing voters with promises to gut endemic political corruption and wage a brutal battle against powerful drug gangs....
Bolsonaro’s win alarmed critics around the globe, mainly because of his vows to sweep away leftist political opponents and his history of making insulting comments about gays, women and minorities....
An outspoken admirer of U.S. President Donald Trump, Bolsonaro also pledged to realign Brazil with more advanced economies, overhauling diplomatic priorities after nearly a decade and a half of leftist rule....
Financial markets are expected to rally on Monday on Bolsonaro’s victory.
The real currency has gained about 10 percent against the dollar in the last 30 days as Bolsonaro’s prospects of winning increased. Sao Paulo’s benchmark Bovespa stock index has risen 13.5 percent since mid September.
Investors are particularly heartened by his choice of Paulo Guedes, a Chicago University-trained economist and investment banker, as his economic guru and future economy minister.
Guedes, who wants to privatize an array of state enterprises, said the new government will try to erase Brazil’s unsustainable budget within a year, simplify and reduce taxes, and create 10 million jobs by cutting payroll taxes. New rules will boost investment in infrastructure, he told reporters.
