Brazil runoff: Flavio Bolsonaro vs Lula da Silva lifts stocks
Business
Brazil's presidential race just got a lot more interesting.
Neither Flavio Bolsonaro nor Luiz Inacio Lula da Silva won outright in the first round on Sunday, so they're heading to a runoff later this month.
Bolsonaro surprised many by doing better than expected, and because investors see him as more market-friendly than Lula, Brazilian stocks jumped and confidence soared.
Prediction markets give Flavio Bolsonaro 80%+
The results sent Brazil's main stock index up 8%, with big banks like Itau Unibanco and Banco Bradesco seeing double-digit gains.
Prediction markets now give Bolsonaro over an 80% chance of winning, way up from before the vote.
Investors are watching closely to see how the final round could shape Brazil's economy and financial future.