IBOV 192,114.55 ▲ 2.63% IPSA 10,916.57 ▲ 0.08% IPC MEX 64,531.68 ▲ 1.10% MERVAL 2,767,663 ▲ 0.32% COLCAP 2,515.02 ▼ 0.59% BVL PERÚ 59,751.67 ▲ 0.18% USD/BRL5.22— 0.00% USD/MXN18.15▼ 0.83% USD/CLP989.60— 0.00% USD/COP3,263▼ 1.66% USD/PEN3.43▼ 0.53% USD/ARS1,524▼ 0.04% USD/UYU40.46▲ 3.55% USD/PYG5,821▲ 2.69% USD/BOB11.93▲ 2.09% USD/DOP59.90▲ 0.67% USD/CRC456.38▲ 3.02% USD/GTQ7.64▲ 3.14% USD/HNL26.86▲ 3.19% USD/NIO36.62▲ 2.63% USD/VES864.39▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.69▲ 1.67% EUR/BRL5.87▲ 0.03% 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 192,114.55 ▲ 2.63% IPSA 10,916.57 ▲ 0.08% IPC MEX 64,531.68 ▲ 1.10% MERVAL 2,767,663 ▲ 0.32% COLCAP 2,515.02 ▼ 0.59% BVL PERÚ 59,751.67 ▲ 0.18% 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
Sunday, October 4, 2026

Brazil Brazil Elections 2026

Flávio Bolsonaro Pulls Ahead of Lula in October Election Polls

By · May 11, 2026 · 5 min read
Flávio Bolsonaro Pulls Ahead of Lula in October Election Polls
Photo: Lula Oficial, CC BY-SA 2.0, via Wikimedia Commons

Key Facts

— Key Points

— —The April Quaest poll puts Senator Flávio Bolsonaro at 42% to Lula’s 40% in the first round, the first survey to show the senator beyond the margin of error

— —BTG/Nexus simulated runoff puts Lula at 46% and Flávio at 45%, a statistical tie inside the 2-point margin of error six months before the October 4 vote

— —Lula’s disapproval rating has climbed to 52% in Quaest, while 49% of voters say they will not vote for him under any circumstances

The Flávio Bolsonaro election story is moving faster than anyone in Brasilia expected. Five months after the Senator from Rio de Janeiro (PL-RJ) launched his pre-candidacy in December 2025, polling lines have inverted: he now leads Lula in the headline first-round Quaest reading at 42% to 40%, and ties him within margin of error in every simulated runoff. With Brazil’s first round set for October 4, 2026, the race has become the closest presidential election since Dilma Rousseff’s 2014 reelection.

The Polling Inversion

The Rio Times, the Latin American financial news outlet, reports that the Quaest April 9-13 poll, commissioned by Banco Genial, captured the inversion most cleanly. In December 2025, Lula led the same survey 46% to 36%; by April, Lula had fallen to 40% and Flávio risen to 42%. The 10-point swing in four months tracks Lula’s disapproval climbing to 52% in the latest Quaest round.

The BTG/Nexus poll, conducted by phone April 24-26 with 2,028 voters, registered Lula at 41% and Flávio at 36% in the principal first-round scenario, narrowing in the simulated runoff to 46% Lula and 45% Flávio. Other tested challengers, including Romeu Zema (Novo) and Ronaldo Caiado (PSD), polled at 4% and 3% respectively, confirming that opposition support has consolidated around the Bolsonaro family name.

Flávio Bolsonaro Pulls Ahead of Lula in October Election Polls.

Who Is Flávio Bolsonaro

Flávio Bolsonaro, 44, is the eldest son of former president Jair Bolsonaro and a Senator for the Liberal Party representing Rio de Janeiro. He launched his pre-candidacy on December 1, 2025, after the Supreme Court conviction of his father sealed Jair Bolsonaro’s electoral ineligibility through 2030. As the family’s designated candidate, Flávio inherits the 26% spontaneous-vote intention captured by the Quaest survey, plus a 2% residual mention for his father even though the elder Bolsonaro cannot legally run.

Poll (date, sample) 1st round Lula 1st round Flávio Runoff (Lula / Flávio)
Quaest, Apr 9-13 40% 42% —
Datafolha, Apr 7-9 — — tight
Futura, Apr 7-11 — — tied
BTG/Nexus, Apr 24-26 41% 36% 46% / 45%

Rejection Is the Decisive Variable

Both leading candidates carry high anti-vote scores. In the BTG/Nexus survey 49% of voters say they will not vote for Lula under any circumstance, the highest level since 2018. Flávio’s rejection is slightly lower, in part because he is a less polarizing personal figure than his father, but the family brand still triggers strong anti-Bolsonaro sentiment among PT and center-left voters.

Roughly a quarter of voters for each candidate told BTG/Nexus they could still change their mind before October. With 5 months remaining and Lula’s approval continuing to slide, the campaign trajectory depends on whether the petista coalition (PT-PSB-PCdoB-PSOL-Rede) can reconsolidate its 2022 base or whether Flávio extends his lead by absorbing the small-party right and the centrão.

The Markets Reaction

Brazilian markets have been pricing the tightening race throughout April and early May. The Ibovespa closed Q1 2026 up 16.35% with R$48 billion in foreign inflows, and the real strengthened to near 4.90 per dollar for the first time since January 2024. A Lula loss would likely accelerate the existing market rally; a continued Lula recovery could prompt foreign-investor caution on fiscal policy, particularly given the Haddad Treasury’s still-uncertain primary surplus outlook.

Connected Coverage

The election arithmetic interacts with two ongoing files: the Trump administration’s hemispheric tariff regime and the Brazilian Supreme Court’s continuing prosecution of January 8 defendants. Rio Times has covered Lula’s data-center conditions and the broader White House dialogue in our reporting on the Brazil-India rare earths pact, and Polymarket-style political-betting trends are tracked alongside our Brazil 2026 election polling cluster.

What to Watch

  • Datafolha and Quaest rolling-poll releases through May and June
  • PL party convention to formalize Flávio Bolsonaro’s nomination
  • Lula primary-surplus delivery, the central macro variable for market pricing
  • Selic rate decisions by Copom, currently at 14.50% with rate-cut bets growing

Who is Flávio Bolsonaro?

Flávio Bolsonaro, 44, is a Brazilian Senator for the Liberal Party (PL-RJ) and the eldest son of former president Jair Bolsonaro. He launched his presidential pre-candidacy on December 1, 2025, after his father’s Supreme Court conviction sealed Jair Bolsonaro’s electoral ineligibility through 2030, making him the family’s designated 2026 candidate.

What do the latest polls show?

The Quaest poll on April 9-13 puts Flávio Bolsonaro at 42% in the first round and Lula at 40%, the first time Flávio has led beyond the margin of error. The BTG/Nexus simulated runoff puts Lula at 46% and Flávio at 45%, a statistical tie inside the 2-point margin. Lula’s disapproval has climbed to 52%.

When is the Brazilian election?

Brazil’s presidential first round is scheduled for Sunday October 4, 2026. If no candidate wins more than 50% of valid votes, a second round runoff follows on October 25. The current race shows both Lula and Flávio Bolsonaro polling between 36% and 42% in the first round, well below the 50% threshold needed to avoid a runoff.

How are markets pricing the race?

The Ibovespa closed Q1 2026 up 16.35% with R$48 billion in foreign inflows, and the real strengthened to near 4.90 per dollar for the first time since January 2024. The Selic policy rate remains at 14.50%. A Lula loss would likely accelerate the rally; continued Lula recovery could pressure fiscal expectations and prompt foreign-investor caution.

Updated: 2026-05-11T19:00:00Z

Sources: Quaest/Banco Genial, BTG/Nexus, Datafolha, Futura Inteligência, Congresso em Foco, Gazeta do Povo.

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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