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Overnight results from Brazil will play a leading role in coverage as the vote ends months of intense campaigning. Deforestation in the Amazon will be a particularly relevant topic for COP27, which will begin in Egypt later this week.
With veteran Luiz Inácio Lula da Silva down two points from the 50% claim of being elected straight in early October, Sunday’s vote will reflect how entrenched “Bolsonarismo” is in rural areas. , the center of a booming but ecologically disastrous commodity trade. .
Inland Brazil has undergone significant agribusiness reforms for cattle, soybeans and corn during Jair Bolsonaro’s first term in office. This reversed the decline in deforestation rates between 2003 and 2015.
Opposition to state interference fueled Bolsonaro’s support for this campaign, although he still sought to ensure support of poorer voters with a 50% increase in social welfare payments.
The stakes are high for Indigenous communities, who have suffered retaliation at the hands of illegal loggers, while also being ignored by lawmakers seeking to authorize the extraction of raw materials. crude in the reserves without their consent.
On Tuesday, Benjamin Netanyahu will be eager to stage a coup in Israel’s fifth election in less than four years. Leading a right-wing bloc, he is looking to overcome a small deficit in the vote to win a majority in the Knesset and return as the nation’s prime minister.
In the US, lower midterms mean past and current presidents are being deployed to campaign for candidates. The final 72 hours of the campaign will see president Joe Biden and former presidents Barack Obama and Donald Trump appear in Pennsylvania, while Trump will also hold a rally in Florida to close out the weekend.
Companies
Brazilian gas company Petrobras will report third-quarter results on Thursday. The company suffered billions of dollars of corruption when the last remaining people took power in Brazil.
Bolsonaro previously said privatize Petrobras, despite Lula’s manifesto calling for a return to an “integrated energy company” with his party’s ambitions to play a leading role in the nation’s clean energy transition.
The company’s shares fell last week after a poll showed Lula would knock Bolsonaro out in Sunday’s vote. It was among the losers when it came to the poll’s release, although it also reported that oil production in the third quarter fell 6.8% year-on-year.
Economic data
On Wednesday, the US Federal Reserve will announce its decision on interest rates. Policymakers fear strong wage growth has kept inflation high, although officials say the central bank should start preparing for a slower rate hike.
Data released Friday by the U.S. Bureau of Labor Statistics and the national commerce department showed that wages for civilian employees rose 1.2 percent in the third quarter, while personal consumption rose 0.5 percent.
The Bank of England is expected to raise interest rates by 75 basis points on Thursday to 3%. The exchange rate has severely hampered homeowners, with spillovers into the rental market.
In a survey published on Friday, the UK’s Office for National Statistics found that half of British respondents with a mortgage said they were worried about a change in interest rates. Two-thirds of people also spend less on non-essentials and reduce their use of gas and electricity.
The fiscal statement scheduled for Monday in the UK has been replaced with an autumn statement to be made by prime minister Jeremy Hunt on November 17.
Read the calendar a week in advance here.
