Brazil's 160 million voters headed to the polls on Sunday, kicking off what is widely considered South America's most important election. The showdown between incumbent President Lula and right-wing challenger Flávio Bolsonaro will directly determine the political direction of Latin America's largest economy. The latest polls show the two candidates neck and neck, with Datafolha showing Lula with a narrow lead of 45% to 42%, while Quaest data is even closer, with both at 46% and 45% respectively, both within the margin of error. The market generally expects that no absolute majority will be achieved in the first round, and the election is highly likely to go to a second-round runoff on October 25.