IBOV 171,721.27 ▼ 16.27% IPSA 10,578.30 ▼ 1.56% IPC MEX 69,879.62 ▼ 0.01% MERVAL 3,017,221 — — COLCAP 2,476.96 ▼ 2.49% BVL PERÚ 57,093.72 ▼ 0.69% USD/BRL5.41▲ 8.78% USD/MXN18.60▼ 0.39% USD/CLP990.85▼ 0.46% USD/COP3,167▲ 1.17% USD/PEN3.44▼ 0.27% USD/ARS1,540▲ 0.70% USD/UYU40.08▼ 0.01% USD/PYG5,735▼ 0.44% USD/BOB11.82▲ 0.34% USD/DOP60.35▼ 1.26% USD/CRC450.04▼ 0.53% USD/GTQ7.64▼ 0.07% USD/HNL26.87▲ 0.02% USD/NIO36.62— 0.00% USD/VES885.08▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.73▲ 0.20% EUR/BRL6.05▲ 7.79% 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 171,721.27 ▼ 16.27% IPSA 10,578.30 ▼ 1.56% IPC MEX 69,879.62 ▼ 0.01% MERVAL 3,017,221 — — COLCAP 2,476.96 ▼ 2.49% BVL PERÚ 57,093.72 ▼ 0.69% 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 26, 2026

Brazil Politics

Brazil Poll Puts Flavio Bolsonaro Ahead of Lula for the First Time

By · September 8, 2026 · 4 min read
Palácio da Alvorada, official residence of the President of Brazil
Brazil Poll Puts Flavio Bolsonaro Ahead of Lula for the First Time

BRAZIL · POLITICS

Key Facts

  • —The headline In a second-round scenario, Flavio Bolsonaro takes 46 percent and Lula 45 percent.
  • —Who ran it Nexus, commissioned by BTG Pactual, published on 8 September 2026.
  • —The method Two thousand people interviewed nationwide between 4 and 7 September, margin of error two points.
  • —The catch A one-point gap with a two-point margin of error is a tie, not a lead.
  • —The other scenario Against writer Augusto Cury, Lula trails 43 to 45. Also a technical tie.
  • —What changed In the same series on 31 August, Lula led Flavio 46 to 45. The direction has flipped.

Live tonight

Brazil’s runoff, live

The official TSE count for Flávio Bolsonaro and Lula, updated every minute (voting closed at 7 p.m. Brasília, 6 p.m. ET).

Open the live results →

Brazil election 2026 · Brazil election polls · Who will win: Brazil election odds · Brazil runoff date and results start · Brazil election results · Brazil election poll data (CSV) · All election stories

Prediction markets · who wins the runoff

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

Polymarket

Flávio Bolsonaro – · Lula – (US$249 million traded)

Kalshi (regulated in the US by the CFTC)

Flávio Bolsonaro 0.4% · Lula 99.6%

As of 25 October, 11:40 pm ET (03:40 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.

A Brazil poll has Flavio Bolsonaro one point ahead of Lula. The gap is inside the margin of error, and that is the point.

A new Brazil poll has Flavio Bolsonaro ahead of Lula. It is the first time in this series that he leads.

The numbers are 46 percent to 45 in a second-round scenario. Nexus conducted the survey for BTG Pactual.

Two thousand people were interviewed nationwide between 4 and 7 September. The margin of error is two points.

That last figure does most of the work here. A one-point gap sits comfortably inside it.

What the Brazil Poll Actually Shows

Statistically, this is a tie. Neither candidate can be said to be ahead of the other.

What has changed is the direction of the noise. In the same series on 31 August, Lula led by the same single point.

On 3 August the figures were also 46 to 45, again with Lula in front. On 27 July Lula led 47 to 43.

So the series has narrowed over six weeks. The 8 September wave is the first where Flavio’s name is on the higher number.

The Second Scenario

The same poll tested Lula against Augusto Cury, a writer running for Avante. Cury takes 45 percent to Lula’s 43.

That is a two-point gap against a two-point margin. It is another technical tie.

Cury is not a conventional candidate. He is a psychiatrist and author with a very large book readership and no governing record.

A challenger polling level with a sitting president says more about the president than the challenger.

Live Company IntelligenceBanco BTG Pactual S.A. — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.
B
◆ Live Company Intelligence
Banco BTG Pactual
SA: BPAC11BPAC11Financial ServicesCapital Markets11,733 employees
R$268.96B
Market cap

Valuation & profitability

Market capR$268.96B
Revenue (TTM)R$45.73B
P / E ratio130.0
Profit margin39.8%
Return on equity24.4%

Price & risk

52-wk low
$46.27
52-wk high
$84.58
Beta (volatility)0.27
200-day average$58.46

Revenue trend · 6y

20202025
Latest R$114.52B

Ownership

Institutions20.7%
Shares outstanding3.34B

Dividend

Yield0.4%
Payout ratio29.0%
Fwd. annual$0.93
What Banco BTG Pactual does. Banco BTG Pactual S.A. provides financial products and services regarding commercial, investments, credit, financing, capital lease, insurance, and foreign exchange portfolios in Brazil and internationally. The company also offers personal investment services for a customized investment portfolio; international banking account services, including debit card, transfer, payment and receipt, and customer support services.…
Data: RT fundamentals (BPAC11.SA) · figures in BRL · as of 26 Oct 2026More company intelligence →

One Claim Worth Narrowing

A figure has circulated putting Lula 8.9 points ahead of Flavio in a large state, attributed to AtlasIntel. We could not source it.

The AtlasIntel state runoff numbers we can source point in different directions. In São Paulo, Flavio leads Lula 46.8 to 43.3.

In Bahia, Lula leads 58.1 to 29. In Pernambuco the split is 59 to 35, again for Lula.

None of those is a 8.9-point Lula lead, and one of them has the opposite sign. Treat the figure as unverified.

How to Read Brazilian Polls

Brazilian second-round polls this far out are pressure gauges rather than forecasts. The first round has not happened.

A second-round pairing assumes two specific candidates survive it. That assumption is doing a lot of unspoken work.

The useful signal is the trend across waves from a single pollster. Comparing one house against another mostly measures method.

On that basis the trend is real even if the lead is not. Lula’s margin in this series has gone from four points to below zero in six weeks.

What to Watch

The first marker is the next Nexus wave. Two consecutive readings with Flavio in front would move this out of noise.

The second is first-round vote intention, which decides who reaches a runoff at all. Second-round pairings are hypothetical until then.

The third is whether other pollsters find the same crossover. One house showing a flip is a data point, and three make a shift.

Frequently Asked Questions

What does the latest Brazil poll say?

A Nexus survey for BTG Pactual published on 8 September 2026 puts Flavio Bolsonaro on 46 percent and Lula on 45 in a second-round scenario, with a two-point margin of error.

Is Flavio Bolsonaro actually ahead?

Not in statistical terms. A one-point gap with a two-point margin of error is a technical tie. What is new is that his name is on the higher number for the first time in this series.

How was the poll conducted?

Nexus interviewed 2,000 people nationwide between 4 and 7 September 2026, with a margin of error of two points at 95 percent confidence.

Sources: GP1, SBT News, Poder360, UOL, Folha de S.Paulo, Reuters, Congresso em Foco, Rio Times.

RT
Ask Rio Times
This story and the bigger picture.
Open the full Ask Rio Times →

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

Free · Any country in the world · Prediction markets
Want prediction market reports on your country?
Pick any country in the world. Your report arrives the moment you confirm, then every Sunday: what the markets say about elections, currencies and policy there, with volumes and plain-English explanations.
Free. We first send you an email to confirm your address, and nothing else arrives until you click its link. You then get your country report right after you confirm, then every Sunday and our free daily briefing for your region. Unsubscribe with one click at any time; see our privacy policy.
The Rio Times · Power Map
See who really holds power in Latin America
Click to open the Power Map →

Brazil runoff date: Sunday, October 25, poll closing times and when results start · Brazil runoff polls: Flávio 51%, Lula 49% · Kalshi and Polymarket odds

Rotate for Best Experience

This report is optimized for landscape viewing. Rotate your phone for the full experience.