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Core Viewpoint - A significant political event in Brazil has led to a sharp decline in both the stock market and currency, triggered by former President Bolsonaro's endorsement of his son as a candidate for the upcoming presidential election [1][4]. Group 1: Market Reaction - The Brazilian stock market experienced its worst day since 2021, with the Ibovespa index dropping by 4.3% [1]. - The Brazilian real depreciated approximately 2.5% following the news of Bolsonaro's endorsement [1]. - Interest rate swap contracts surged over 50 basis points, indicating a shift in investor sentiment regarding monetary policy expectations [1]. Group 2: Political Context - Flávio Bolsonaro confirmed his candidacy for the presidency, supported by his father, positioning himself as a candidate for the Liberal Party against incumbent President Lula [4]. - The market had previously shown optimism regarding the potential candidacy of São Paulo Governor Tarcísio de Freitas, who was seen as a unifying figure for the right-wing [4]. - Analysts noted that the division within the right-wing, following Bolsonaro's endorsement of Flávio, has led to a correction of previously overly optimistic market sentiments [4][5]. Group 3: Candidate Dynamics - Tarcísio de Freitas has been cautious about his presidential ambitions, indicating he would only run if explicitly supported by Bolsonaro [5]. - Analysts believe Flávio Bolsonaro is less competitive against Lula and has weaker economic policy expectations, which could negatively impact Brazilian assets [5].