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GS see 3rd and 4th Place Candidates Playing Key Role with Endorsements

BRAZIL
  • Goldman Sachs write that the trailing candidates (center-left Gomes and center-right Tebet) were not able to break the deep ideological polarization, but their endorsement may be key in the Oct 30 second-round runoff. They state that investors should monitor public statements by the top candidates that did not make it to the runoff for hints on who they will formally or informally support/endorse in the runoff.
  • They add that markets are set for a competitive and likely also very polarized runoff and expects the coming polls to show a Lula-Bolsonaro runoff spread below the 8 to 10pt seen prior to the first-round.

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