Brazil’s main Sao Paulo stock market surged the morning after the first round of the 2022 presidential election, when incumbent Jair Bolsonaro fared better than expected against his leftist rival, Lula. Is this a sign that the financial markets prefer Bolsonaro? And could the tight gap between the two candidates push Lula to moderate his economic programme?
Barely 24 hours after the first round of Brazil’s 2022 presidential election, the Sao Paulo stock market, the B3 (Brasil, Bolsa, Balcao), surged in its biggest one-day gain since April 6, 2020, a pre-Covid-19 high before the pandemic plunged the South American nation into an economic crisis.
