Possible scenario
Outright Victory Fight
15% Chance
A less likely but market-moving scenario is that Bolsonaro remains above 50% or close enough to claim a first-round mandate. Because of his ban and conviction history, the key question becomes whether the electoral and supreme courts certify the outcome or block it.
Initial impacts
- Riskier companies' borrowing costs Up
- Market volatility Up
- 10-year Treasury yield Down
- US dollar Up
Secondary impacts
- Finance -0.3%
- Utilities +0.2%
Portfolio impact
S&P 500-0.7%
Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.
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