Brazilian Stocks, Currency Surge as Bolsonaro Consolidates Lead
- Datafolha survey released Tuesday shows tie in eventual runoff
- Bolsonaro rose four percentage points as Haddad flatlines
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Brazilian assets extended a rally on Wednesday as traders price in higher odds of far-right presidential candidate Jair Bolsonaro winning this month’s presidential election, a scenario seen as more favorable to financial markets among the leading contenders.
The real soared 2.4 percent, the best among major currencies, pushing weekly gains to 5.3 percent. Stocks climbed 3.4 percent led by surges in state-run companies, while bond risk measured by five-year credit default swaps plunged the most since March 2016.