Ibovespa Slips as Poll Shows Tight Presidential Race

The Ibovespa edged lower toward the 208,000 mark on Wednesday following a new poll on the presidential runoff between Senator Flávio Bolsonaro and President Lula. A Quaest poll showed a one-percentage-point gap between the candidates, with Flávio Bolsonaro at 45% and Lula at 44%. Given the margin of error of two percentage points, the race remains statistically tied. Compared with last week’s poll, however, Flávio’s support slipped by one percentage point. Although Bolsonaro has yet to detail his policy plans, investors view him as more likely to bring fiscal reforms that could help lower interest rates. Financial stocks were mixed, with Itaú and Bradesco edging higher, while Itaúsa and Caixa fell more than 0.5%. BB Seguridade gained nearly 0.5%, and B3 rose more than 1%. Elsewhere, WEG plunged nearly 5% after reporting net income below expectations. Vale shed more than 1% amid falling iron ore prices, while Petrobras edged lower as oil prices remained volatile.