Brazil’s stock market lost more than $200 billion in value at Monday’s open after President Luiz Inácio Lula da Silva defeated Senator Flávio Bolsonaro in a runoff, the source reported. Brazil’s Superior Electoral Court put the vote at 51.79% to 48.21%. The iShares MSCI Brazil ETF fell as much as 26%, and the São Paulo exchange paused trading for 30 minutes after its benchmark index fell 10% from Friday’s close.
Prediction markets had put Bolsonaro’s chance of winning at about 80%, though the cited polls showed a much closer race. Bolsonaro said he did not recognize the result and would ask the courts to annul the election; the source does not say it was annulled.
