Lula celebrates election win as Brazil’s markets tumble

Brazilian President Luiz Inacio Lula da Silva secured a remarkable victory in the presidential runoff election, receiving 51.8% of the vote compared to his challenger Jair Bolsonaro's 48.2%. The leftist incumbent, who turns 81 on Tuesday, pulled off an improbable win and will serve an unprecedented fourth term. Markets reacted negatively to the shock result, leading to a 30-minute trading suspension on the Sao Paulo Stock Exchange.

World leaders, except for US President Donald Trump, congratulated Lula on his election win, with congratulations pouring in from both sides of the political divide. Lula secured record support, winning over 64.2 million votes, and overturned his first-round defeat in the key bellwether state of Minas Gerais. Despite Bolsonaro's father serving a 27-year jail term for attempting a coup, Flavio Bolsonaro refused to concede the election, demanding an annulment of the results. Trump has not yet commented on the election outcome.