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All eyes on Brazil

Brazilians head to the polls on Sunday to decide who’ll become the country’s next president in a heated run-off election between incumbent Jair Bolsonaro and his left-wing rival Lula. Lula is still the front runner, but the race is looking much tighter than it did a few weeks ago. The strong showing for right-wing candidates in the congressional and gubernatorial races earlier this month is, in any case, likely to limit Lula’s room for manoeuvre. And Colombia’s recent experience – in which interventionist policymaking from President Gustavo sparked a sell-off in the currency and bond markets – offers a cautionary tale if Lula does win and tries to push for a more dramatic shift to the left.

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