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Financial industry sees Lula strengthened by attempted coup

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The small "Banana Republic style" crisis foreseen before the election by Luis Stuhlberger, CEO and CIO of Verde Asset, seems to have peaked last Sunday, with the invasion of buildings at the Three Powers Square, in Brasília, by supporters of former President Jair Bolsonaro. Executives from the financial sector, however, do not expect major repercussions after the attempted coup in Brasília. For participants heard by Valor, the lack of popular support for the movement and the broad international condemnation may even benefit President Luiz Inácio Lula da Silva in the short term.In a day of mild reactions to financial assets, executives say violent protests of former President Bolsonaro’s followers apparently will not have new developments. "I think it was not strong enough to cause reactions in the financial sector," said the CEO of a large bank. "I believe that, as the authorities are responding promptly and rigorously to the situation, after this first moment, the situation will return to normal. Maybe even with some reinforcement in the governability of the current president," added a participant in the sector.For another banker, the wave of violence creates instability and distrust abroad in the short term, but in the long term, it may end up being positive for the Lula administration because it reinforces the thesis that he was the best solution for democracy. "This may bring closer non-radical center-right actors. In the medium and long term, perhaps it was another opportunity for gain and pacification for the current government," he said.Another businessperson condemned the aggressive behavior of the rioters and the disrespect to institutions but said nothing changes for the financial industry for now. "They are all very attentive to the eventual impacts on the national economy. I believe there is no risk to governability...

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