Brazil’s overnight results will play a starring role in news coverage as the vote ends months of bitter campaigning. Deforestation in the Amazon will be a particularly relevant topic as COP27 kicks off in Egypt at the end of this week.
With veteran Luiz Inácio Lula da Silva two points short of the 50% required to be elected in early October, Sunday’s vote will reflect how entrenched ‘Bolsonarism’ is in rural areas at the center of a booming commodity trade. boom but ecologically disastrous. .
Brazil’s interior suffered major agribusiness clearances for livestock, soybeans and corn during incumbent Jair Bolsonaro’s first term. This reversed the decline in deforestation rates between 2003 and 2015.
Opposition to state intervention has fomented support for Bolsonaro during this election campaign, although he has nevertheless sought to win the support of poorer voters with a 50% increase in social benefits.
The stakes are high for Indigenous communities who have faced reprisals from illegal loggers, while being ignored by lawmakers seeking to allow raw material extraction on reservations 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 seeking to close a small deficit in the polls to secure a majority in the Knesset and return as the country’s prime minister.
In the United States, looming midterms mean past and present presidents are 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.
Brazilian gas company Petrobras is due to release its third-quarter results on Thursday. The company suffered from multibillion-dollar corruption during the left’s last term in Brazil.
Bolsonaro has previously spoken of privatizing Petrobras, although Lula’s manifesto calls for it to return as an “integrated energy company” with his ambitious party to play a leading role in the country’s clean energy transition.
The company’s shares fell last week after polls indicated Lula would rout Bolsonaro in Sunday’s second round. He was among several who lost the polls release, although he also reported that oil production for the third quarter fell 6.8% from the same period last year.
On Wednesday, the US Federal Reserve will announce its decision on interest rates. Policymakers worry that strong wage growth has kept inflation high, although officials have suggested the central bank should start preparing for a slowdown in rate hikes.
Data released Friday by the U.S. Bureau of Labor Statistics and the country’s Commerce Department showed wages for civilian workers in the third quarter rose 1.2%, while personal consumption rose 0.5%. .
The Bank of England is expected to raise rates by 75 basis points on Thursday to 3%. The rates have seriously hampered landlords, with spillover effects on the rental market.
In a survey released on Friday, the UK’s Office for National Statistics found that half of UK respondents with a mortgage said they were worried about a change in interest rates. Two out of three people were also spending less on non-essentials and reducing their gas and electricity consumption.
The budget statement scheduled for Monday in the UK has been replaced by an autumn statement to be delivered by Chancellor Jeremy Hunt on November 17.
Read the full schedule for the week ahead here.