Luiz Inácio Lula da Silva Wins Brazil Presidential Runoff Election
Luiz Inácio Lula da Silva has been reelected as President of Brazil, defeating right-wing candidate Flávio Bolsonaro in a runoff election. According to the Superior Electoral Court, Lula secured 51.8% of the vote compared to Bolsonaro's 48.2%. The result represents a significant upset for prediction markets like Kalshi and Polymarket, which had heavily favored Bolsonaro with victory probabilities exceeding 80% leading up to the announcement. The election outcome has triggered immediate volatility in Brazilian-linked assets. Following the news, the iShares MSCI Brazil ETF (EWZ) dropped by 22%, while major financial institutions including Itau Unibanco and Banco Bradesco saw significant declines. Other notable losers included Ambev and Petrobras, both of which fell by more than 15% as markets react to the political shift.
Tickers: $EWZ
Topics: Brazil Election Political Risk Prediction Markets
Part of the story Nubank Shares Plunge 20% Following Lula's Surprise Brazilian Election Victory (10 articles)