Brazil: Lula beats Bolsonaro – winning was hard, governing will be harder

  • Leftist challenger Lula beat rightist incumbent Bolsanoro by 1.8 points in the 2nd-round presidential election

  • Lula now has to manage congress, over which he exerts very little control, to cut fiscal deficit (7.5% of GDP in 2023)

  • Brazil equities and currency are cheap vs. the historical average and by more so than most large emerging market peers
October 31st, 2022
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