The Ibovespa climbed nearly 1.5% on Wednesday, approaching the 182,000 level after the release of a new election survey. The Quaest poll on October presidential voting intentions showed President Lula and Senator Flávio Bolsonaro in a technical tie. Both are perceived by markets as relatively more fiscally restrictive, a stance drawing attention in the context of elevated domestic interest rates and weak business activity. In a simulated runoff, Lula registered 42% of voting intentions against 41% for Flávio Bolsonaro.
Brazilian bond yields retreated after GDP figures indicated a sharp contraction in household consumption. At the same time, oil prices eased from recent highs, unwinding part of a rally driven by escalating tensions in the Middle East and providing some relief to credit‑sensitive stocks. Even so, both energy costs and yields remain at historically high levels.
Among individual names, major banks advanced, with Banco do Brasil gaining nearly 1%. Utilities also found support, as Sabesp rose more than 1% and Eneva added over 2%. In contrast, Petrobras slipped 0.5%, pressured by the pullback in crude prices.
