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Brazilian shares jump 8% at open after Bolsonaro vote lead
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Brazilian shares jumped at the open after a reported first-round election lead for Flávio Bolsonaro. The presidency will be decided in a run-off.
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Brazil’s Ibovespa index rose 8% to a record high at Monday’s opening, according to a Nieuws.nl report citing ANP and Bloomberg. The Brazilian currency also strengthened, though the report did not say by how much. The 8% rise was an opening move, not a closing result. [1]
The report puts Flávio Bolsonaro on 47% of the first-round presidential vote, ahead of incumbent Luiz Inácio Lula da Silva on 45%. Because Bolsonaro fell short of 50%, the two are due to face a run-off on 25 October. [1]
The report says investors had generally expected Lula to win and regard Bolsonaro, the son of former president Jair Bolsonaro, as more market-friendly. It says Bolsonaro is expected to be more willing to cut spending, partly to bring down double-digit interest rates, while Lula has been reluctant to promise cuts. [1]
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