Brazil's President Lula says unexpected result and he was convinced he would win election in first round, adds a new campaign begins from tomorrow, while Bolsonaro says he is very happy with the results and that Brazil wants change

A first-round result that goes to a runoff in Brazil has historically shifted the contest into a narrower, more polarised second phase, where the incumbent's stronger-than-expected showing tends to compress polling gaps and extend uncertainty through the second vote. In past episodes of this kind, Brazilian assets have traded less on the first-round arithmetic itself than on the implied trajectory of the runoff: the real, the Bovespa, and local rates have historically priced the perceived fiscal character of the likely winner, with markets generally favouring the candidate seen as more fiscally orthodox and penalising the one associated with looser spending commitments. The distinction worth drawing is between poll momentum and ground-game momentum, since a candidate who outperforms expectations in round one has tended to carry that narrative advantage into the inter-round period. What matters from here is the sequence of second-round polling, any signals on economic team and fiscal anchor from both campaigns, and endorsement flows from eliminated candidates, each of which has moved BRL and the belly of the local curve in comparable past cycles. Statement-level commentary of this kind is directional rather than decisive; the binding event is the runoff vote itself.