Lula has repeatedly stated he will not join multi-candidate debates before Brazil’s October 4 first round, citing their ineffective format that limits direct exchanges and favors superficial exchanges among unequal contenders. His campaign coordinator confirmed the position, noting participation is reserved for a potential second-round tête-à-tête with Flávio Bolsonaro. Lula has skipped every prior debate this cycle and instead appeared on podcasts during the final scheduled event, which was later canceled amid court rulings on format and participation. With the first round two days away and no remaining scheduled debates, traders view the outcome as settled absent an abrupt reversal in strategy.