Brazil's Bolsonaro wants crusading judge in cabinet

Brazil's Bolsonaro wants crusading judge in cabinet

"If (Bolsonaro) decides to move forward with his pledges against the environment, indigenous peoples and the climate, his fellow citizens will be the biggest victims", said Carlos Rittl, executive secretary of the Brazilian Climate Observatory.

It was particularly humiliating for the PT - which was born out of the struggle against Brazil's brutal military dictatorship (1964-1985) - that the man who put the nail in its coffin was a former army captain who not only served that dictatorship, but continues to openly praise its use of torture and repression against leftists.

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

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.

"Weapons manufacturers have done better on the expectation that, one, he's going to be tougher on crime and, two, one of his campaign promises was to allow people to arm themselves to fight crime", said Jorge Mariscal, emerging markets chief investment officer for UBS Global Wealth Management.

Bolsonaro relied on the support of evangelical groups in the run-up to the election.

Investors have been particularly heartened by Bolsonaro's choice of Guedes, a Chicago University-trained economist and investment banker, as future economy minister.

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Brazil's benchmark Bovespa stock index rose 3.7 per cent on Tuesday, boosted by strong corporate earnings and the resolve shown by Guedes on pension reform.

Bolsonaro himself was stabbed in the abdomen at a rally last month and will need to undergo surgery in mid-December to remove a colostomy bag before he can travel to Santiago and Washington.

"(Bolsonaro) is a soldier", Mariscal said. "Brazil has possibly never needed the exercise of citizenship more than right now".

Brazil's national industry confederation criticized the idea. Mariscal said equities remain cheap, the Real is "reasonably priced" and bonds, which have been performing well, still have upside.

Against this backdrop Bolsonaro proposes to open up indigenous territories to mining and other economic activities; relax environmental legislation and protections, abolish the Ministry of the Environment, crack down on civil society and to relax laws related to gun ownership, especially in rural areas.

Until then, the market faces uncertainty. "Yes, I'm homophobic - and very proud of it", he once said.

His once-mighty Workers' Party said Tuesday the election was tainted by Moro's probe, and vowed "resistance" to Bolsonaro's government.

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