Brazilian markets have tottered in the run-up to Sunday's presidential election, but analysts told CNBC that much-needed structural reforms were unlikely irrespective of the result.
Leftist incumbent Dilma Rousseff has pulled ahead in the polls over recent weeks, hitting market hopes for a win by opposition candidate Marina Silva. She is perceived as being more pro-business and was previously in the lead, but now Rousseff and her Workers' party (PT) are expected to gain a second term in power.
If one candidate fails to receive more than 50 percent of the vote, a second round of elections will be held on October 26.
The turnaround in Rousseff and Silva's fortunes has caused Brazil's real and its benchmark stock index to sell off over the last few weeks. The U.S. dollar hit a six-year high against the real this week, and on Friday the greenback was trading at 2.502 real. Over the past week, the Bovespa index has tumbled around 6.6 percent, after a sharp rise in the second half of August.