Economics
Brazil Stocks, Currency Surge as Bolsonaro Takes Commanding Lead
- Ibovespa equity gauge is climbing the most in two years
- Bolsonaro allies also did surprisingly well in congress vote
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Brazilian assets jumped after investor favorite Jair Bolsonaro took a commanding lead in the first round of the presidential election, garnering support that surpassed all polls.
The Ibovespa equity gauge surged 4.1 percent -- the most in two years -- in Sao Paulo, while the real strengthened to a two-month high. Petroleo Brasileiro SA shares gained more than 8 percent, and bonds joined the rally along with exchange-traded funds. The stark outperformance was evident on a day most emerging-market assets fell.