The Newshound

Brazilian trading is halted as markets plunge after Lula beats Flávio, son of jailed ex-president Jair Bolsonaro

Flávio Bolsonaro reacts to his defeat in the Brazilian presidential election, in which Luiz Inácio Lula da Silva secured 51.7 per cent of the vote after a Supreme Court ruling extended voting hours in Bahia.
Flávio Bolsonaro reacts to his defeat in the Brazilian presidential election, in which Luiz Inácio Lula da Silva secured 51.7 per cent of the vote after a Supreme Court ruling extended voting hours in Bahia.
Jair Bolsonaro, who is serving his sentence under house arrest, lost to Lula da Silva in 2022 — no candidate trailing after a Brazilian first round has ever won a runoff.
Jair Bolsonaro, who is serving his sentence under house arrest, lost to Lula da Silva in 2022 — no candidate trailing after a Brazilian first round has ever won a runoff.

Brazil's Bovespa index plunged 10% at the open, triggering the country's first trading halt since March 2020. The real shed nearly 12% against the dollar, while a US fund tracking Brazilian shares lost as much as 26%. Markets had priced in a victory for Flávio Bolsonaro on the back of his fiscal austerity pledges. The winner, Luiz Inácio Lula da Silva, 80, took 51.79% of the vote.

Lula is the first Brazilian politician to advance from a first-round defeat to win a runoff.

Flávio Bolsonaro is seeking to have the outcome overturned, pointing to the two-hour extension to voting hours.

BTG Pactual's Jerson Zanlorenzi called the result 'a tsunami that will hit all Brazilian assets'.

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