The Globe and Mail reports in its Tuesday, Oct. 6, edition that Brazilian assets rallied on Monday after right-wing Senator Flavio Bolsonaro outperformed opinion polls to finish first in the first round of Sunday's presidential election, with the Bovespa benchmark stock index gaining more than 8 per cent and the country's currency strengthening against the greenback. A Reuters dispatch to The Globe reports that the eldest son of former president Jair Bolsonaro won 47 per cent of the votes cast and will face leftist incumbent President Luiz Inacio Lula da Silva, who secured about 45 per cent of the vote, in a runoff on Oct. 25. Polls had forecast Mr. da Silva would lead the first round of voting by three percentage points. Mr. Bolsonaro's strong showing Monday was matched by gains for his allies in Congress. Analysts say a friendlier legislature would make it easier for him, if elected, to push through a pro-market agenda of tighter public spending, privatizations and tax cuts. JPMorgan upgraded Brazil's equities to "overweight" on Monday, saying a more favourable political backdrop after recent election developments had improved the outlook for the region's largest market and could drive a period of outperformance.