Brazil’s presidential election is emerging as a major market event, with President Luiz Inácio Lula da Silva and right-wing challenger Senator Flávio Bolsonaro running closely ahead of Sunday’s first-round vote and a likely October 25 runoff. Investors remain broadly positive on Brazil but are concerned about rising spending and fiscal policy. Capital Economics estimates that a Flávio victory could lift equities by 10% to 20% and lower local-currency bond yields, while a Lula victory could weigh on stocks. The Ibovespa gained 0.5% to close at 187,197 as markets awaited polling and the final TV Globo debate. Brazil is one of roughly 40 elections worldwide with potential financial-market consequences, alongside upcoming votes in Israel, the United States and New Zealand and earlier contests in Japan, the United Kingdom, Germany, Hungary, Colombia and Peru.