The Ibovespa closed flat at 185,188 on Thursday, ending an 11-session winning streak after rising nearly 2% at the open before investors took profits. The rally had been supported by election polls showing President Lula narrowing his lead over Flávio Bolsonaro, whom markets view as more fiscally restrictive amid elevated yields and weak business activity. A Datafolha poll was due later Thursday. Economic activity data pointed to a second consecutive contraction in private-sector activity, although the decline was less severe than the previous month; services activity rebounded slightly as demand conditions showed signs of stabilisation. Itaú, Santander and Banco do Brasil gained 1.2%, 1.7% and 0.8%, respectively. Embraer rose 1.5% after announcing a cybersecurity business combination with SPX Capital, while CSN surged 6.7% after announcing a change of CEO. Vale fell 2.9% and Petrobras declined 1.3%.