Brazil’s Ibovespa closed flat at 185,188 on Thursday, ending an 11-session winning streak after rising more than 1.5% and briefly trading above 188,000 at the open. Investors took profits as markets awaited a Datafolha poll, following a Quaest survey that showed President Lula and Senator Flávio Bolsonaro in a technical tie for a potential runoff and indicated Lula was narrowing his lead. Markets view Bolsonaro as more fiscally restrictive amid elevated yields and weak business activity. Economic activity data pointed to a second consecutive contraction in private-sector activity, although the decline was less severe than in the previous month; services activity rebounded slightly and demand conditions showed signs of stabilisation. Banks and selected companies offset losses in Vale and Petrobras: Itaú, Santander, Banco do Brasil, Bradesco, Itaúsa and B3 rose, while Embraer advanced after announcing a cybersecurity business combination with SPX Capital. CSN gained sharply after announcing that Benjamin Steinbruch would step down as CEO and be replaced by Fabio Schvartsman, while Vale and Petrobras declined as the session progressed.