Brazil’s stock market lost more than $200 billion in value at Monday’s open after Luiz Inácio Lula da Silva defeated Flávio Bolsonaro in the presidential runoff. The iShares MSCI Brazil ETF, traded under the ticker EWZ, fell as much as 26%, while the dollar rose as much as 12% against the real and the Ibovespa dropped 17% to about 170,000 points. The B3 exchange halted trading for 30 minutes after triggering its first circuit breaker since the Covid-19 pandemic. Although prediction markets gave Bolsonaro roughly an 80% chance of winning, Lula secured 51.79% of the vote against 48.21%, a margin of about 4.4 million votes. Bolsonaro rejected the result and said he would seek to annul the election.
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