Flávio Bolsonaro and Lula da Silva to contest Brazil's presidency

Flávio Bolsonaro and incumbent Luiz Inácio Lula da Silva will contest Brazil's presidency in a runoff election on October 25, according to the outlet AlbertoNews, with 98.36% of the vote counted in Sunday's election.

The eldest son of former president Jair Bolsonaro won 47.31% of the vote, while the progressive leader took 44.83% in a first round that left the other ten candidates for head of state without a chance of advancing, according to the published data.

Flávio Bolsonaro's first-round win spurred financial assets in premarket trading, according to the newspaper Ámbito, where the EWZ exchange-traded fund jumped 12% and leading stocks rose by almost 15%, as markets anticipated an orthodox fiscal shift.

For its part, France 24 noted that the next president will inherit a country facing major macroeconomic challenges, including an economic slowdown, high interest rates and a rising public debt, even though unemployment remains at minimal levels.