The market is taking sides in the elections, and it does not surprise us
Investors do not hide their preference for the right, even the most populist ones like that of the Bolsonaros. Lula's victory was met with a crash on the Stock Exchange and the real. This is not happening only in Brazil
Luiz Inácio Lula da Silva, 81, has won a fourth non-consecutive term as President of Brazil. His victory in the second round of voting, after trailing behind Jair Bolsonaro's son in the first round, caused a significant reaction in the markets. The Brazilian real depreciated by 7.8% and the Bovespa stock index plummeted 13.4%, halting trading due to a surge in sell orders. Investors had backed Jair Bolsonaro's son, who had planned to grant his father a pardon if elected.
Written by urgent.news from El Pais Economia's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
