October 3, 2018 / 1:07 PM / 2 months ago

Brazil stocks, real extend rally as polls favor right-wing victory

SAO PAULO, Oct 3 (Reuters) - Brazilian markets rose for a second day on Wednesday on a second poll confirming right-wing presidential candidate Jair Bolsonaro was gaining steam ahead of a Sunday vote and was on track to beat his likely leftist rival in a second-round runoff.

Brazil’s currency, the real, jumped about 2 percent to a seven-week high against the U.S. dollar and futures contracts for the benchmark stock index rose more than 3 percent. Brazilian interest rate futures also rallied on hopes that Bolsonaro would promote a more orthodox economic policy in Latin America’s largest economy.

Local financial markets had already surged on Tuesday as Bolsonaro gained ground in a survey by polling firm Ibope. A survey from pollster Datafolha, released after markets closed on Tuesday, confirmed the far-right lawmaker had made gains against leftist Workers Party rival Fernando Haddad.

Datafolha also showed a climbing rejection rate since last week for Haddad, who has replaced jailed former president Luiz Inacio Lula da Silva atop his party’s ticket.

At 41 percent, Haddad’s rejection was closing on 45 percent rejection of Bolsonaro, a former army captain who has defended Brazil’s 1964-1985 military government and angered many with misogynist and racist remarks, showing a highly polarized race.

Still, the survey suggested Bolsonaro could edge out Haddad in an eventual run-off vote later this month, which would be required if none of the candidates wins a majority of valid votes on Sunday. (Reporting by Flavia Bohone and Claudia Violante Writing by Alexandra Alper and Brad Haynes Editing by Susan Thomas)

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