São Paulo stocks fall and the real weakens after Lula's reelection
The São Paulo stock exchange opened lower and the real lost ground against the dollar after Luiz Inácio Lula da Silva won the runoff with 51.8% of the vote against 48.2% for Flávio Bolsonaro, according to the electoral court. The drop triggered the Ibovespa's 30-minute pause mechanism, which applies when the index falls 10% or more. Many investors had bet on the right-wing candidate and are now unwinding that bet.
In 40 seconds
- Lula won the runoff with 51.8% against 48.2% for Flávio Bolsonaro, according to the electoral court.
- The São Paulo stock exchange opened lower and triggered the 30-minute 'circuit breaker' that applies when the Ibovespa falls 10% or more.
- The real lost ground against the dollar; in a Citigroup survey most expected the currency to fall at least 5% if Lula won.
Read the full story at El Espectador
IASummary generated by artificial intelligence from a story by El Espectador. It may contain errors: the original source prevails.
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