IBOV 209,066.90 ▲ 1.38% IPSA 11,043.36 ▲ 0.17% IPC MEX 66,048.57 ▲ 1.63% MERVAL 2,828,027 ▼ 0.16% COLCAP 2,531.15 ▲ 0.21% BVL PERÚ 59,610.00 ▲ 2.26% USD/BRL4.98▼ 0.14% USD/MXN18.41▼ 0.01% USD/CLP975.06— 0.00% USD/COP3,194▲ 0.22% USD/PEN3.44▲ 0.30% USD/ARS1,517▼ 0.02% USD/UYU40.21— 0.00% USD/PYG5,676— 0.00% USD/BOB11.77— 0.00% USD/DOP60.70▼ 0.28% USD/CRC450.81— 0.00% USD/GTQ7.64— 0.00% USD/HNL26.86— 0.00% USD/NIO36.62— 0.00% USD/VES874.61▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.75— 0.00% EUR/BRL5.58▲ 0.05% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% IBOV 209,066.90 ▲ 1.38% IPSA 11,043.36 ▲ 0.17% IPC MEX 66,048.57 ▲ 1.63% MERVAL 2,828,027 ▼ 0.16% COLCAP 2,531.15 ▲ 0.21% BVL PERÚ 59,610.00 ▲ 2.26% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73%
since 2009
Monday, October 12, 2026

Brazil Brazil Elections 2026

Brazil’s Flávio Asks Court to Pull Welfare Site Sunday

By · October 12, 2026 · 6 min read
A justice in black robes speaking into a microphone at the bench of Brazil's Superior Electoral Court, with flags behind
Inside Brazil's Superior Electoral Court in Brasilia, where both leading campaigns have filed actions against each other (Photo: Tribunal Superior Eleitoral, public domain via Wikimedia Commons)

ELECTION 2026 · BRAZIL

Runoff · Sunday, 25 October

Flávio Bolsonaro vs Lula: what happens next

First-round results, how the runoff works, the key dates and who backs whom, in one guide.

Read the runoff guide →

Key Facts

  • —The country Brazil, Latin America’s largest economy, chooses its next president in a runoff on Sunday 25 October between Flávio Bolsonaro and President Luiz Inácio Lula da Silva.
  • —Why it matters The fight is over whether the front-runner’s budget promise would squeeze health care, schools and welfare. Investors watch the same fiscal plan.
  • —Why now The runoff is two weeks away, and both camps are flooding the electoral court with takedown requests against each other’s online content.
  • —What happened On Sunday 11 October, Flávio’s campaign asked the Superior Electoral Court (TSE) to take down an anonymous site called “O que está em jogo” (“What is at stake”).
  • —What it means for you Claims about Brazil’s social spending will keep circulating online. Treat city-by-city “risk” tools from either side as campaign material, not official data.
  • —Still open Who runs the site, and whether Justice Estela Aranha, who drew the case, will order it offline before the vote.
  • —Prediction markets Polymarket gives Flávio Bolsonaro an 86% chance of winning the presidency and Lula 12.5% (12 October, 1:55 a.m. ET). Polymarket puts Flávio Bolsonaro’s chance of winning at 86% and Kalshi at 87% (Lula: 13% and 13%), as of 12 October, 3:20 am ET; prices are bets, not polls.

The campaign of Brazilian presidential candidate Flávio Bolsonaro asked the country’s top electoral court on Sunday to shut down an anonymous website. The Flávio Bolsonaro TSE request targets “O que está em jogo”, a tool that warns voters that public health units, schools and welfare payments in their town could suffer if he wins. For foreign investors, the case goes to the heart of the runoff: whether his promise of fast budget discipline would mean cuts to social programmes.

The request reached the Superior Electoral Court (TSE), Brazil’s top election authority, which polices campaign content during the race. It was assigned by lot to Justice Estela Aranha, according to the Brasília news site Metrópoles and the Diário do Centro do Mundo, which both reported the filing. The court had not ruled by early Monday.

What the Site Says

The site lets a voter pick any Brazilian municipality. It then lists local figures such as the number of units of SUS, the public health system, as well as schools, Farmácia Popular subsidised pharmacies and Bolsa Família cash-transfer beneficiaries.

It presents those services as exposed to the choices of the next government. The link it draws is to a core promise of the Flávio campaign: a primary budget surplus of 1.5% of GDP in the first year of government. A primary surplus means the state collects more than it spends before interest payments.

The site was launched by an account on X called @Xyksper. Metrópoles reported that the profile gained attention on first-round election day by publishing a running count of votes cast abroad. No person or organisation has publicly claimed the site.

What the Campaign Wants

Flávio Bolsonaro is a senator for Rio de Janeiro and the eldest son of former president Jair Bolsonaro. He runs for the conservative Liberal Party (PL). He faces President Lula of the left-wing Workers’ Party (PT), who is seeking a fourth term.

In the filing, the campaign calls the link between its fiscal target and cuts to social programmes false. It quotes its government plan registered with the court: “we will keep the existing social programmes.” The plan adds that those who depend on state help “to put food on the table” will not lose it.

The second argument is anonymity. Brazil’s 1997 Elections Law, Law 9,504, protects free expression online during campaigns but bars anonymous speech in its Article 57-D. “The whole site is the illegal thing,” the PL argued, saying it was built to carry a false claim about the candidate to every municipality.

The campaign asks for the entire address to be taken offline, not just individual pages. It also wants the court to require the hosting servers to reveal who administers the platform. Neither the site’s operator nor the Lula campaign had responded publicly to the filing by early Monday.

What It Means for You

For investors holding Brazilian stocks, bonds or the real, the Flávio Bolsonaro TSE case is a reminder of how the runoff is being fought. Flávio is pitching budget discipline to markets while telling poorer voters their benefits are safe. The Lula camp argues that the two promises cannot both hold.

The case also shows how far Brazil’s courts reach into online campaigning. The TSE routinely orders posts, ads and messaging channels removed. Many of those orders land on US-based platforms such as X and WhatsApp. Earlier rulings this month hit both camps, which gives some balance to a heated contest.

For travellers and residents, nothing changes in daily life. Bolsa Família payments and SUS services continue as normal through the election. His government plan registered with the court says existing social programmes will stay.

Recent rulings have gone both ways. An electoral judge suspended a Lula ad, as covered in Brazil Judge Suspends Lula Ad 15 Days Before Runoff. A pro-Lula channel was then shut and restored, as reported in Brazil Judge Restores 3.4M-Member Lula WhatsApp Channel.

What Is Not Known

It is not known who created or pays for the site, or whether it has any link to the Lula campaign or the PT. The filing itself treats its authorship as unknown.

It is also unclear how quickly Justice Aranha will decide the Flávio Bolsonaro TSE request, or whether she will order a full takedown or only the removal of specific claims. Any ruling can be appealed to the full court.

Finally, the dispute over the 1.5% surplus target is a political one. Neither campaign has published a line-by-line budget showing which programmes would grow or shrink in 2027.

What Prediction Markets Say

Bettors still see Flávio as the clear favourite. On Polymarket, his contract traded at 86 cents early on Monday, an 86% implied chance, down two points in a day but up almost four points on the week. Lula traded at 12.5%.

Polymarket’s Brazil presidential market has drawn about US$180 million in total volume, with about US$22 million traded on Lula’s contract and about US$20 million on Flávio’s. On Kalshi, which is regulated in the US by the CFTC, Flávio stood at 88% and Lula at 13%, with about 5.4 million contracts traded on the two names. These are bets, not polls.

Bar chart of Polymarket and Kalshi implied chances: Flávio Bolsonaro 86% and 88%, Lula 12.5% and 13%
Prediction-market prices for Brazil's presidential runoff, 12 October 2026, 1:55 a.m. ET. These are bets, not polls.

Prediction markets · who wins the runoff

Implied chance of winning Brazil’s presidency on 25 October, from traders’ prices.

Polymarket

Flávio Bolsonaro 86% · Lula 12.5% (US$180 million traded)

Kalshi (regulated in the US by the CFTC)

Flávio Bolsonaro 87% · Lula 13%

As of 12 October, 3:20 am ET (08:20 Lisbon), updated every 20 minutes. Prices are bets, not polls, and can move fast.

Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.

Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.

Frequently Asked Questions

What is the “O que está em jogo” site?

It is an anonymous website that lists public services in each Brazilian town, such as SUS health units, schools and Bolsa Família beneficiaries, and suggests they could be hit if Flávio Bolsonaro wins.

Why does Flávio Bolsonaro want it removed?

His campaign says the site falsely links his 1.5% primary surplus target to cuts in social programmes, and that its anonymity breaks Article 57-D of Brazil’s Elections Law.

When will the court decide?

There is no fixed deadline. The case was assigned to Justice Estela Aranha of the Superior Electoral Court. The runoff is on Sunday 25 October.

Sources: Metrópoles · Diário do Centro do Mundo · Law 9,504/1997 (Planalto) · Polymarket and Kalshi public price data, 12 October 2026, 05:55 UTC.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief

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