🇧🇷 BREAKING: Brazil markets CRASH -20% as socialist candidate Lula Da Silva beats Flavio Bolsonaro to win historic 4th Presidential term
The iShares MSCI Brazil ETF fell nearly 20% in after-hours trading as investors reacted to the surprise runoff win by Lula da Silva over Flávio Bolsonaro.
Lula, who finished second in the first round, pulled off a stunning comeback, winning about 51.8% of the vote.
Markets had been expecting a move toward tighter fiscal policy under Bolsonaro.
Concern over Brazil's fiscal outlook, government spending and debt is driving the selloff with investors now paying close attention to Lula's economic policy signals.$REZ $DODO $ERA
The iShares MSCI Brazil ETF fell nearly 20% in after-hours trading as investors reacted to the surprise runoff win by Lula da Silva over Flávio Bolsonaro.
Lula, who finished second in the first round, pulled off a stunning comeback, winning about 51.8% of the vote.
Markets had been expecting a move toward tighter fiscal policy under Bolsonaro.
Concern over Brazil's fiscal outlook, government spending and debt is driving the selloff with investors now paying close attention to Lula's economic policy signals.$REZ $DODO $ERA
