Bosonaro's better-than-expected campaign performance boosted the Brazilian stock exchange market. Since Senator Bosonaro unexpectedly led current President Lula in the first round of voting in Brazil's general election, Brazil's assets soared. The real once soared 5%, and the stock market recorded its biggest one-day gain in six years. Citigroup advises investors to increase their bullish bets on Brazilian stocks and local currency bonds, after Flavio Bosonaro performed better than expected in the first round of voting in the presidential election. “Bosonaro is a more market-friendly candidate, promising fiscal austerity, privatization, deregulation, and VAT cuts,” Citi strategists wrote in the report. “Their party's strong performance in the Senate should help push for its legislative agenda to be passed,” they added. The predicted market pricing shows that Bosonaro is expected to win the October 25 runoff. Citi suggests buying Brazilian stocks and government bonds due in 2031, the so-called NTN-F.

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