Brazil’s President Lula saw his approval slip to 48% in August, down two points from July, while polls showed him trailing Sao Paulo Governor Tarcisio de Freitas 46.6% to 48.4% in a hypothetical 2026 runoff. Lula reiterated he would run if in good health. Markets rallied after the poll, with equities up 1.8% to a record close, the real gaining 0.3%, and longer-dated swap rates falling.