Brazil's stock futures plunged nearly 15% after Lula won reelection

Brazil’s stock market is getting hammered, and the reason has plenty to do with politics. Investors rushed to sell Brazilian assets on Monday after President Luiz Inácio Lula da Silva secured another term in office. Bovespa futures dropped close to 15%, while the Brazilian real fell by as much as 12%. Trading had to be stopped because of the intensity of the sell-off. Brazilian investors bet on Bolsonaro and got Lula instead The trouble started with Sunday’s election results. Lula defeated Senator Flávio Bolsonaro in the October 25 runoff, securing his fourth nonconsecutive presidential term. That was not what financial markets had been expecting. Lula had narrowly lost the first round earlier this month, and polls suggested Bolsonaro could comfortably win the final vote.

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