'Very bad result for Lula: Bolsonaro is far more effective at speaking to that growing middle class'

Brazil's presidential election has proceeded to a runoff between Luiz Inácio Lula da Silva and Flávio Bolsonaro, after neither secured a 50% majority in the first round. According to France 24, citing Felipe Krause of Oxford University's Brazilian Studies Programme, the current mood in Brazil is one of "tired polarization," with people feeling exhausted and seeking change.

The expanding middle class is increasingly attracted to entrepreneurialism and individualism, which Flávio Bolsonaro's campaign, according to France 24, has effectively reached.

Flávio Bolsonaro, the eldest son of former President Jair Bolsonaro, took 47% of the vote, while Lula secured 45%, as reported by multiple outlets including Buenos Aires Times and Reuters Business via SCMP. The runoff is set for October 25. Lula's campaign faces a challenging task in closing the gap, as most support for eliminated candidates is expected to fall behind Bolsonaro, according to Buenos Aires Times.

The outcome of the election has implications for US President Donald Trump's attempts to exert US dominance over the Western Hemisphere, as Lula has resisted US efforts, while Bolsonaro seeks to move closer to Trump's orbit, Buenos Aires Times reported. Brazilian assets are expected to surge when markets open, driven by investor expectations that Bolsonaro will pursue policies to address Brazil's deteriorating fiscal situation.

Brief written by urgent.news from France 24, Buenos Aires Times, Ajel English, Reuters Business via SCMP, South China Morning Post — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.