Brazil's currency strengthened to about 5.05 per US dollar on 19 October as two separate runoff polls pointed to a tight race between President Luiz Inácio Lula da Silva and Senator Flávio Bolsonaro. Economists trimmed their year-end forecasts for the real as investors weighed the outcome of the 25 October vote. The currency move highlights how closely markets are tracking Brazil's presidential runoff.

A surge of Chinese electric-vehicle and renewable-energy exports is reshaping trade patterns across Latin America. Governments in the region face a choice between importing cheaper Chinese clean technology and shielding domestic manufacturers with tariffs or local-content rules. The dilemma echoes similar trade tensions already under way in Europe and North America.