Now “the fear is that Haddad and the Workers Party will return to power and to the policies that took so many years to digest,” said Ramos, according to CNBC.

Related: Leveraged Brazil ETF Climbing Amid Fragile Political Stability

Bolsonaro’s economic advisors “seem to have a better assessment of the seriousness of the fiscal challenges besetting the Brazilian economy,” hence why the market is cheering his progress in the polls, Ramos added.

The election is widely expected to head toward a run-off on October 28 as no single candidate are projected to win a majority vote in the first round on Sunday.

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