Brazil Elects 'Proud Homophobe' Jair Bolsonaro As President

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The judge at the center of Brazil's sprawling investigation into kickbacks to politicians said Tuesday he would consider joining the Cabinet of President-elect Jair Bolsonaro if invited.

The transition of power began on Monday at the cultural center of the Bank of Brazil. The ETF lost steam in the afternoon and closed at US$38.775.

Oliver Stuenkel, a professor of global relations at the Fundacao Getulio Vargas university in Sao Paulo, says Bolsonaro's decisions will reverberate in a way they don't necessarily for a leader like Trump.

Bolsonaro - whose previously minor Social Liberal Party will be the second-largest force in the lower house - meanwhile faces the hard job of piecing together a coalition from among some 30 parties.

"The PT isn't a homogeneous party". The party became synonymous with the web of corruption that still plagues Brazil.

Now serving 12 years in prison, Lula was barred from running in the election.

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For voters, Bolsonaro was a shift from the norm.

The former army captain is known for what the leftist media calls "homophobic, misogynistic and racist remarks".

Brazil's currency, the real, has gained around 10 percent against the dollar this month and interest rate futures have tightened dramatically as Bolsonaro's prospects improved.

"They always accuse others of being what they are themselves", he said.

In addition to the president-elect downplaying Brazil's past military rule, observers worry Brazil is taking another authoritarian turn: More incoming legislators will be former military officers or former federal police than at any point since the end of military rule.

Guedes, who is well-liked by the markets, will head it.

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Surprisingly, few German managers see Mr. Bolsonaro's growing popularity as a sign that Brazil is shifting to the right.

Bolsonaro, who ran on a law-and-order platform, said he wants Sergio Moro, the judge who has overseen the sprawling "Car Wash" corruption trials and convicted former president Luiz Inacio Lula da Silva of graft, to join his government as justice minister. The inverse could be true if Bolsonaro himself takes charge. "He has little experience if at all with macroeconomic issues of the size and importance that Brazil faces".

Brazil's benchmark Bovespa stock index rose as much as 3 percent to an all-time high in opening trade, led higher by shares of state-owned firms and blue-chips, before retreating and closing 2.2 percent down.

Brazil's Industrial National Confederation already released a statement criticizing the decision.

Bolsonaro, who early in his legislative career declared he was "in favour" of dictatorships and demanded that Congress be disbanded, vowed after his Sunday night win to adhere to democratic principles while holding up a copy of the country´s Constitution.

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