Right-wing Senator Flávio Bolsonaro outperformed expectations in Sunday's first-round vote, narrowly leading incumbent President Luiz Inácio Lula da Silva with 47% of the vote to 45.1%. Neither candidate reached the 50% threshold, meaning they will proceed to a second-round vote on October 25. Analysts noted that since 1989, the trailing candidate in the first round of a Brazilian presidential election has never ultimately won, thus Bolsonaro is expected to win the runoff. Bolsonaro's strong performance is likely to boost the Brazilian currency and stock market.