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• MoneyBrazil voted on Sunday. Markets voted on Monday.Flávio Bolsonaro led Brazil’s first-round presidential vote 47% to 45% over Luiz Inácio Lula da Silva. The next trading session, Brazilian stocks surged. The useful question is not which candidate markets ‘like’. It is which policy probabilities investors suddenly changed.
• NowBrazil is choosing a president. It is also choosing how it deals with the world.Nearly 159 million Brazilians are eligible to vote in a polarized presidential election between Luiz Inácio Lula da Silva and Flávio Bolsonaro. The contest is domestic, but the consequences reach Washington, Beijing and the future of Latin America’s largest economy.