Market Extra: Investors had priced in Bolsonaro win, but worry about future of Brazil’s reforms

While Brazilians prepare to vote in the second round of their presidential election on Sunday, Jair Bolsonaro is getting ready to become president. The far-right candidate has been leading in the polls, but investors worry what his victory could mean for the future of Brazil’s much-needed reforms.

The Datafolha poll published late Thursday showed Bolsonaro in the lead with 56%, according to a Reuters report, compared with run-off rival Fernando Haddad’s 44%. Haddad has been endorsed by disgraced former President Luiz Inácio Lula da Silva. The distance between the two candidates has narrowed of late.

Bolsonaro, who was injured in a knife attack during the campaign, is known for his extreme rhetoric and has promised among other things to scrap environmental protections and agricultural restrictions in the Amazon.

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