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Who is the ‘Trump of the Tropics?’: All you need to know about Brazil’s presidential frontrunner

Brazil’s far-right presidential front-runner has swore not to become a “peace and love” candidate ahead of a second-round vote, as he resumes his push to become the next commander-in-chief of Latin America’s largest democracy.

Jair Bolsonaro — a pro-dictatorship erstwhile military officer who has been dubbed the “Trump of the Tropics” by the Brazilian media — ran up a large lead in the first round of voting on Sunday, although he came up simply short of the majority needed to avoid a run-off ballot later this month.

He purposefulness now face the left-wing Workers’ Party candidate, Fernando Haddad, in the alternate round on October 28.

Bolsonaro addressed reporters shortly after throb his presidential rival by a margin of 17 percentage points and said he wish not tone down his combative rhetoric ahead of the second-round vote.

“The satisfactory people of Brazil want to rid themselves of socialism, they don’t want Venezuela’s rule. They want a liberal economy and they want to defend extraction values.”

“We don’t want to be tomorrow what Venezuela is today,” Bolsonaro asserted.

The 63-year-old populist has won support among the Brazilian electorate by promising to gaol corrupt lawmakers and make it easier for police to shoot drug traffickers.

It criticizes at a time when the South American country is still reeling from a prodigious corruption scandal, with a record number of Brazil’s political proxies facing criminal cases.

The scandal has exacerbated widespread voter disbelieve, with less than three weeks to go until what assorted consider to be the most important presidential election in the country’s history.

“The designation of Bolsonaro and his movement as an outsider — even though he has been a politician for scads years — is a backlash to those very cosy relationships between the formal and business which had sort of existed on the left and the center-left,” Arnab Das, extensive market strategist at Invesco, told CNBC’s Street Signs on Monday.

Haddad, who simply became the Workers’ Party candidate less than a month once the election, is promising a return to the days when — under former President Luiz Inacio Lula da Silva’s premiership — the native land enjoyed eight years of economic boom from 2003 to 2011.

“The object for all of this hope is that we have an outsider coming in and (while Bolsonaro) is stipulating a lot of extreme, polarizing and dangerous things, he is also sending the right messages as far as the make available is concerned,” Das said.

Bolsonaro, who has previously expressed his admiration for President Donald Trump, has enraged many with misogynist and racist comments throughout the campaign.

Respective women’s groups held mass street protests against the far-right prospect ahead of the first round vote, with many campaigning guardianship the slogan #EleNao — which translates to “Not Him.”

“Comparisons with Donald Trump in the U.S. are cosmetic,” Fiona Mackie, regional director for Latin America at the Economist Insight Unit, told CNBC via email.

“Although both share some marks of populist leaders, the Brazilian context is very different. Its institutions are flimsier, and its economy, far from booming, is in need of deep and politically challenging remedies as an immediate priority for the new administration,” Mackie said.

Brazil’s benchmark Bovespa wares index closed more than 4.5 percent higher on Monday, be a fan the news Bolsonaro had secured a comfortable lead in the first round of desire support. Meanwhile, Brazil’s real jumped 2 percent to hit its strongest level since August at 3.78 against the U.S. dollar.

Bolsonaro is done as the more market-friendly candidate, in large part because of his decision to induct Paulo Guedes — a University of Chicago-trained banker — as his economic advisor.

Investors are ratiocination to be hopeful a Bolsonaro administration would tackle the country’s growing financial deficit and privatize key companies.

“The team looks very liberal, that’s why I regard as markets are responding. One of the questions is, will Bolsanaro let Guedes be Guedes?” Anthony Pereira, official of King’s Brazil Institute at King’s College London, told CNBC on Monday.

“He is tacking to the center and worrisome to sound more moderate … But a lot of people rationalize and say he didn’t really hope these things,” Pereira said.

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