Insper political scientist Carlos Melo said anti‑Bolsonaro sentiment outweighed voter concerns about a Lula return in the runoff; falling abstention and strong support in the northeast were key to the result. He said both Lula (first round) and Flavio (second round) were overconfident. Melo flagged Lula’s immediate market‑relevant challenge as assembling a team capable of ensuring effective governance and reengaging business leaders, financial markets, agribusiness and the middle class, saying h

Insper political scientist Carlos Melo said anti‑Bolsonaro sentiment outweighed voter concerns about a Lula return in the runoff; falling abstention and strong support in the northeast were key to the result. He said both Lula (first round) and Flavio (second round) were overconfident. Melo flagged Lula’s immediate market‑relevant challenge as assembling a team capable of ensuring effective governance and reengaging business leaders, financial markets, agribusiness and the middle class, saying his current team is insufficient and must be reshaped.