Those defeated at the polls are quoted for the Lula 4 government and the economic team must change

Whoever lost the election did not necessarily stay out of the game. According to Gazeta do Povo, Lula was re-elected in the second round and is already beginning to assemble the team for his fourth term, which begins in January 2027. Among the names listed are candidates defeated at the polls, and the report states that the economic team must change.

The most symbolic case is that of João Campos (PSB-PE), 32 years old, who lost the government of Pernambuco in the first round to Raquel Lyra (PSD-PE). He is listed for the Ministry of Science and Technology, a position that belonged to his father, Eduardo Campos, who died in 2014, during Lula's first term. Campos also presides over the PSB nationally and has 3.2 million followers on Instagram. In January 2025, Planalto called him to lead the digital strategy in the crisis over the supposed taxation of Pix.

In São Paulo, the election also left government names without positions. Haddad (PT) lost the government of São Paulo, Márcio França (PSB) lost his position as vice-president and Simone Tebet (PSB) and Marina Silva (Rede) did not win the Senate. Haddad, former Minister of Finance, is considered for the Civil House, but Camilo Santana (PT-CE) appears as the favorite for the position. Tebet is also mentioned for a vacancy on the Federal Supreme Court.

In Paraná, Gleisi Hoffmann (PT-PR) lost the race for the Senate, and the trend is for her to become Minister of Development and Social Assistance. In the same state, the electorate chose Filipe Barros (PL-PR) and Deltan Dallagnol (Novo-PR) for the Senate, and the PT is trying to challenge Dallagnol's registration in the Electoral Court. Guilherme Boulos (PSOL-SP), minister of the General Secretariat and former candidate for mayor of São Paulo, also appears among those listed.

According to the report, Gleisi and Boulos should be accommodated at the top, regardless of Lula's decision. The list also includes Renan Filho (MDB-AL) and Carlos Fávaro (PSD-MT), who may return to occupy ministries. The movement indicates that the formation of the government will largely follow political accommodation criteria.

The most sensitive change for public accounts is the planned change in the economic team, and the report does not say who will replace her. For those who follow the budget, the central question is whether the next team will maintain commitments to fiscal responsibility, with limits on spending and a clear debt trajectory.

What changes for the investor

For those who invest in the stock market, interest rates and the dollar, the point of attention is the composition of the economic team, because it usually guides market expectations regarding spending control and debt sustainability. Signs of unmatched expenditure expansion tend to put pressure on interest rates and exchange rates, while explicit commitments to public accounts tend to calm this situation. The report does not yet provide these signs, and the real effect will depend on the choices that are announced in the coming months, so it is worth following the official names before drawing any conclusions about the scenario.

Automatically translated from Portuguese.