Brazilian stocks posted their best day since 2020 after Senator Flávio Bolsonaro finished ahead of President Luiz Inácio Lula da Silva. BTG Pactual rose 25%. Bolsonaro is campaigning on tighter spending, privatizations and lower taxes.
Bolsonaro received 47.03% of valid votes to Lula's 45.16%, beating polling expectations but falling short of the majority needed to win outright. The two face an Oct. 25 runoff after more than 29 million voters abstained in the first round. President Donald Trump welcomed Bolsonaro's performance, saying, "It's a BIG victory. Close, but a VERY big victory. Amazing, actually."