Flávio Bolsonaro’s campaign has conditioned participation in televised presidential debates on the presence of frontrunner Luiz Inácio Lula da Silva, seeking direct head-to-head exchanges rather than multi-candidate formats. This stance led both candidates to skip the August 23 Band debate and withhold confirmation for the September 14 consortium event, prompting its cancellation. With the first round scheduled for October 4 and remaining debates set for September 27 on Record and October 1 on Globo, trader sentiment reflects the pattern of risk-averse positioning by the two poll leaders, who have prioritized controlled messaging—including recent television addresses on institutional issues—over events that could generate unfavorable clips without the primary matchup.