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Brazilian President Jair Bolsonaro attends a joint news conference with President Trump at the White House. Photo: Chris Kleponis-Pool/Getty Images

Brazil's last 3 presidents have not fared well legally, but its market has managed to remain stable.

Why it matters: The country's stock market has largely shaken off political turmoil as investors continue to believe in a widely unpopular pension reform current President Jair Bolsonaro has backed in an effort to repair Brazil's highly overleveraged and underfunded budget.

  • Luiz Inacio Lula da Silva, who led the country until 2010, is in jail on corruption and bribery charges.
  • Dilma Rousseff served until 2016 when she was impeached and removed from office.
  • Michel Temer, who replaced her and served until 2018, was arrested and charged with leading a "criminal organization" that diverted 1.8 billion reais ($475.6 million) in funds yesterday.

Driving the news: Brazil's benchmark Bovespa stock index fell by nearly 4% following news of Temer's arrest, but ended the day just 1.34% lower. The country’s 10-year bond yield rose 4 basis points to 8.76% and the real currency ended little changed at 3.79 per dollar.

  • Brazil's main bourse has more than doubled the performance of the S&P 500 since Rousseff's powers were suspended in May 2016, and a recent Reuters poll showed traders expect the Bovespa to rise 36.5% in 2019.
  • It has risen less than 7% so far.

Yes, but: Investors' faith is being tested as the far-right Bolsonaro is fast losing popularity. The president's approval rating has declined significantly since he took office in January, falling most recently to just 34%, according to a poll by Ibope.

  • The clock is ticking for the pension reform to be approved on the government's timeline. Council of the Americas reports that a survey by Metapolítica shows that to pass on time, the pension reform would have to be the fastest constitutional amendment in the history of Brazil's Congress.

Go deeper: Trump suggests Brazil could become NATO member

Go deeper

Cuomo: "I am not going to resign"

New York Gov. Andrew Cuomo apologized Wednesday for acting in a way that made women feel "uncomfortable," but insisted that he has "never touched anyone inappropriately" and said he will not resign.

Driving the news: Cuomo reiterated in his first public appearance since sexual harassment allegations surfaced that he will fully cooperate with a team of independent investigators appointed by New York Attorney General Letitia James, but suggested that demands for his resignation from were simply "politics."

Facebook to lift political ad ban imposed after November election

Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images

Facebook will finally allow advertisers to resume running political and social issue ads in the U.S. on Thursday, according to a company update.

The big picture: Facebook and rival Google instituted political ad bans to slow the spread of misinformation and curb confusion around the presidential election and its aftermath.

Bryan Walsh, author of Future
49 mins ago - Technology

AI is industrializing

Illustration: Sarah Grillo/Axios

Artificial intelligence is becoming a true industry, with all the pluses and minuses that entails, according to a sweeping new report.

Why it matters: AI is now in nearly every area of business, with the pandemic pushing even more investment in drug design and medicine. But as the technology matures, challenges around ethics and diversity grow.