Brazilians vote on Oct. 4 in the first round of a closely watched presidential election led by incumbent Luiz Inácio Lula da Silva and Sen. Flávio Bolsonaro. The result could reshape Brazil's relationships with the U.S. and China, particularly over trade and access to critical minerals, as Bolsonaro emphasizes alignment with Washington while Lula stresses Brazilian sovereignty. The winner will also face pressure to address public finances, with high government debt, a large budget deficit and elevated borrowing costs putting fiscal policy at the center of investor attention.