In brief

DatafolhaBrazil's 2026 electionsThemeThe October 2026 presidential race between Lula and Flávio Bolsonaro and the polls that measure it, the source of the electoral premium in equities, the currency and rates.Open in the Market Map ↗ shows Lula with 46% and Flávio Bolsonaro with 44% in the runoff, a technical tie identical to September 11.

In the first round Lula has 39% and Flávio 36%.

The poll interviewed 2,002 voters between September 15 and 17.

What we know

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  1. Verified fact · material

    In the runoff, Lula has 46% and Flávio Bolsonaro 44%, with 8% blank and null, a technical tie within the two point margin and figures identical to the September 11 DatafolhaBrazil's 2026 electionsThemeThe October 2026 presidential race between Lula and Flávio Bolsonaro and the polls that measure it, the source of the electoral premium in equities, the currency and rates.Open in the Market Map ↗ poll.

    No change after the Supreme Court crisis.

  2. Verified fact · material

    In the stimulated first round, Lula has 39% and Flávio Bolsonaro 36%, followed by Augusto Cury with 6%, Ronaldo Caiado with 4%, Renan Santos with 3% and Romeu Zema with 2%; blank and null total 6%.

    Confirms the polarised race between two names.

  3. Verified fact · material

    The poll interviewed 2,002 voters in person between September 15 and 17, with a two point margin of error and a 95% confidence level, registered with the electoral court under number BR-04029/2026.

    Standard institute methodology.

    Sources[01][02]
  4. Context

    In other runoff scenarios, Lula ties with Augusto Cury at 44% to 44%, beats Caiado 46% to 42% and Zema 49% to 39%.

    Cury appears as a competitive alternative.

    Sources[01]
  5. Context

    It is the first poll after the September 15 Supreme Court session that discussed opening an investigation into Justice Alexandre de Moraes in the Master case; fieldwork ended before the Bolsa Família increase was announced.

    Effect of the increase not yet measured.

    Sources[02][05]

Transmission to assets

Market read-through

With a stable technical tie, the market keeps pricing two 2027 fiscal policy scenarios with no favourite.

The next round, with Bolsa Família already raised, tests whether transfers move the race in the final two weeks.

Portfolio impact

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Real (BRL)mixed

A technical tie keeps the electoral premium in the currency.

Volatility without direction.

What would change the view: Changes if a poll shows a lead outside the margin.

macro40% confidence
Juros futuros (DI 2029)mixed

Two fiscal scenarios remain similarly weighted.

Stable electoral premium.

What would change the view: Resolution only with the next rounds.

rates40% confidence

Direction is an explanatory hypothesis, not a forecast or recommendation.

Next signals

What to watch

  • Next DatafolhaBrazil's 2026 electionsThemeThe October 2026 presidential race between Lula and Flávio Bolsonaro and the polls that measure it, the source of the electoral premium in equities, the currency and rates.Open in the Market Map ↗ and QuaestBrazil's 2026 electionsThemeThe October 2026 presidential race between Lula and Flávio Bolsonaro and the polls that measure it, the source of the electoral premium in equities, the currency and rates.Open in the Market Map ↗ rounds in the week of September 21
  • Rejection of both candidates and vote by income
  • Dollar and curve reaction to polls with a clear lead

Limits of the reporting

What remains uncertain

  • Effect of the Bolsa Família increase on voting intentions
  • Migration of Cury and Caiado votes in the runoff

Full sources

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