DECRYPT · 2026-10-26 16:04 UTC

Brazil's Stock Market Crashes After Lula's Upset Victory

Brazil's stock market fell over $200 billion in value after Lula's unexpected runoff victory over Bolsonaro, with the EWZ ETF dropping as much as 26% and the Ibovespa falling 17%. Prediction markets had given Bolsonaro an 80%+ chance of winning, but Lula won 51.79% to 48.21%, a margin of 4.4 million votes. Bolsonaro refused to recognize the result and said he will ask courts to annul the election, citing a Supreme Court decision to extend voting hours.

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