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Brazilian stocks plunge after Lula’s election victory
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Brazil’s main stock-market index dropped 10 per cent at the opening on Monday after Luiz Inácio Lula da Silva won re-election, triggering an automatic halt to trading amid investor concerns over public finances.
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Brazil’s main stock-market index fell 10 per cent at the opening on Monday after Luiz Inácio Lula da Silva won re-election, prompting an automatic halt to trading, according to Dutch news agency ANP.
Investors had expected greater budget discipline if right-wing challenger Flávio Bolsonaro won, the report said. Shares had risen sharply after Bolsonaro came first in the opening round of voting. Concerns over Brazil’s public finances returned after Lula’s victory.
Uncertainty was also fuelled by Bolsonaro’s refusal to recognise the result, ANP reported. Analysts said clarity was needed on both Bolsonaro’s position and Lula’s budget policy. The appointment of a new finance minister in the coming weeks could provide an early indication of the government’s approach.
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