Arminio Fraga, the man who could become finance minister of Brazil, knows what he wants to do to help that country's economy. He calls it "getting the macro right."
Fraga is the economic advisor to Aécio Neves, who made a surprise comeback in Sunday's election and will now face off against current Brazilian President Dilma Rouseff in a runoff on Oct. 26.
In an interview on CNBC, Fraga outlined what the economic priorities would be under a Neves government: "We've been sloppy on inflation," he said. "We haven't been hitting our budget targets, so we've got to get those right to the decimal—no gimmicks."
Sao Paulo's Bovespa Index, the nation's exchange traded funds and ADRs rallied sharply on the surprise second-place finish for Neves, who is considered the most investor-friendly Brazilian candidate in decades. Shares of Petrobras, the Brazilian oil company, jumped more than 11 percent on Monday.
Some Wall Street analysts believe Brazil could be on the verge of what they're calling a "Narendra Modi moment"; that is, the Brazilian stock market could make an explosive move akin to the one the Indian stock market made as the pro-business candidate Modi rose in the polls there. He eventually won the job of prime minister.