Brazil 2026: Lula and Flávio spend over 70% of campaign cap in first round

In Brazil's 2026 presidential race, candidates Lula (PT) and Flávio (PL) have each spent more than 70% of their campaign spending cap in the first round, with Lula declaring R$65.69 million and Flávio R$62.95 million. The high burn rate suggests aggressive early spending, potentially constraining final-week resources. This is a routine campaign finance disclosure, not a market-moving event.