Brazilian markets fall after Lula’s runoff victory

Brazilian stocks and the real fell sharply after Luiz Inácio Lula da Silva defeated Flávio Bolsonaro. The supplied detailed report says the São Paulo exchange paused trading and Bolsonaro said he would ask courts to annul the result.

• The report says Brazil’s stock market lost more than $200 billion in value at Monday’s open after Lula won the runoff.· 1 source
• The iShares MSCI Brazil ETF fell as much as 26% from Friday’s close, while the Ibovespa fell as much as 17%.· 1 source
• The B3 exchange halted trading for 30 minutes after the Ibovespa dropped 10% from Friday’s close; the report calls it the exchange’s first circuit breaker since the pandemic.· 1 source
• Lula won 51.79% of valid votes to Bolsonaro’s 48.21%, according to the report’s account of Brazil’s Superior Electoral Court figures.· 1 source
• Bolsonaro said he would ask the courts to annul the election, objecting to an extension of voting hours.· 1 source