Goldman Sachs' trading desk described last week as "the busiest week in Brazil's history," as right-wing Senator Bolsonaro unexpectedly led Lula in the first round of the Brazilian election, defying mainstream poll expectations and triggering a flood of foreign capital into the Brazilian market. Goldman Sachs analysts noted that international investors are pouring into the market, hoping Bolsonaro wins the second-round runoff on October 25. Brazil's benchmark stock index, Bovespa, has risen 12.2% month-to-date, closing at a record high last Friday and marking its largest weekly gain since April 9, 2020. The iShares MSCI Brazil ETF (EWZ), which tracks Brazilian equities, has surged nearly 17% this month, with a year-to-date dollar-denominated gain of 37%, and saw a record weekly net inflow of $2.3 billion, pushing its full-year 2026 net inflow to $3.5 billion. Goldman Sachs estimates that if interest rates fall back to recent lows, the theoretical price range for EWZ would be approximately $47.80 to $52.20 per share.