Brazil: Lula beats Bolsonaro – winning was hard, governing will be harder
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Leftist challenger Lula beat rightist incumbent Bolsanoro by 1.8 points in the 2nd-round presidential election
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Lula now has to manage congress, over which he exerts very little control, to cut fiscal deficit (7.5% of GDP in 2023)
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Brazil equities and currency are cheap vs. the historical average and by more so than most large emerging market peers
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.