Goldman Sachs Sees Record Brazil Trading After Bolsonaro Lead

Goldman Sachs’ Brazil trading desk saw record activity after Sen. Flávio Bolsonaro took a narrow first-round lead over Luiz Inácio Lula da Silva, as foreign investors moved into Brazilian assets ahead of the Oct. 25 runoff. Trading volume reached $8.7 billion a day, while regular-session volume on the Monday after the vote reached a record $20 billion. Foreign inflows reached $2 billion that day. The desk described the period as its busiest week ever in Brazil following Bolsonaro’s unexpected lead. EWZ rose 12.5% in one day; since the fund began trading in 2000, five other one-day gains have exceeded 12.5%.

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