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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

Wisconsin recount reaffirms Biden's victory in the state

Photo by Mark Makela/Getty Images

The two recounts in Wisconsin requested by the Trump campaign were completed Sunday and confirmed that President-elect Joe Biden won the state, the Washington Post reports.

Driving the news: Biden won Wisconsin by more than 20,000 votes. Recounts in the state's most populous and liberal areas — Dane and Milwaukee counties — netted him an additional 87 votes.

15 mins ago - Politics & Policy

Congressional Hispanics want Lujan Grisham at HHS

Michelle Lujan Grisham arriving on Capitol Hill. Photo: Tom Williams/CQ Roll Call

Hispanic lawmakers are openly lobbying to have New Mexico Governor Michelle Lujan Grisham be named Health and Human Services secretary, according to a letter obtained by Axios.

Why it matters: These members are now following the example some Black lawmakers have used for weeks: trying to convince Joe Biden his political interests will be served by rewarding certain demographic groups with Cabinet picks.

3 hours ago - World

Map: A look at world population density in 3D

This fascinating map is made by Alasdair Rae of Sheffield, England, a former professor of urban studies who is the founder of Automatic Knowledge. It shows world population density in 3D.

Details: "No land is shown on the map, only the locations where people actually live. ... The higher the spike, the more people live in an area. Where there are no spikes, there are no people (e.g. you can clearly identify ... the Sahara Desert)."