Brazil’s Ibovespa jumped 2.6% to close at 192,114 on Friday in a volatile session before Sunday’s first round of elections, lifting its weekly gain to 4.7%. The index initially rose on a favorable external backdrop, then surrendered those gains amid political risks before recovering. Demand for hedging remained elevated, while election results, Congress’s composition and fiscal-policy signals are likely to have greater influence on Brazilian asset prices when markets reopen Monday. Oil prices fell after the G7 agreed to release strategic reserves, easing energy-inflation concerns, while weaker-than-expected US payrolls reduced expectations of a Federal Reserve rate hike this month. Financials and utilities advanced, with Bradesco up 3.2%, Axia 2.8%, Petrobras 2.8%, WEG 3.8% and Rede D’Or 3.6%.