Pompeo, Brazilian president-elect speak over phone on ties, Venezuela

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"Democracy must be able to endure a candidate like Bolsonaro", said Martin Duisberg, vice-president of the German-Brazilian Chamber of Commerce in Sao Paulo. "People want the PT out, they can´t take any more corruption", said Tatiana Cunha, a 39-year-old systems analyst in the midst of the noisy celebrations. The former army captain has promised heightened power to the military and to the police, including the ability to kill suspects.

Lula is now serving 12 years, which led the courts to bar his presidential run.

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. His chief economic advisor is Paulo Guedes, a University of Chicago-trained free-market economist. Reducing the budget deficit through pension and tax reform tops the list of necessary reforms, according to Mercedes' Schiemer.

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.

"The PT elected Bolsonaro", he said in an interview published Wednesday. We urge you to make it one that leaves Brazil - and the world - a more just, more sustainable and more equal place than you found it. Consolidation could be on the horizon, he said, and Brazil may even see a positive re-rating and follow India's path to become the "next big long-term story".

Brazil's Industrial National Confederation already released a statement criticizing the decision. Mariscal said equities remain cheap, the Real is "reasonably priced" and bonds, which have been performing well, still have upside.

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Bolsonaro, a legislator and former military officer, campaigned on his own version of Trump's "America First" slogan and eagerly embraces the term "fake news" to describe critical press coverage.

Guedes, who is well-liked by the markets, will head it. In February, it's "crunch time" because he has to elect the head of the lower house and the head of the senate.

"I'm scared of him", Franco said, but she added she was also scared of "people who voted for him" who might now feel liberated to attack minorities.

On the diplomatic front, Lorenzoni said Bolsonaro's first foreign trips would be to Chile, Israel and the United States, countries that "share our worldview".

The Globo newspaper, in a separate article citing unnamed sources close to the judge, reported on Tuesday that Moro was weighing Bolsonaro's offer, feeling that he could reassure citizens concerned the president-elect will not govern democratically.