Lula’s surprise re-election sends Brazilian stocks and currency into a steep slide
🤖 AI-generated content — The title and summary were produced automatically by artificial intelligence, without human editorial review.
Luiz Inácio Lula da Silva’s surprise win in Sunday’s presidential election hit markets hard on Monday: Brazil’s benchmark stock index fell 13.9%, its sharpest one-day drop since early COVID-19, and the real lost nearly 8% against the U.S. dollar, the worst move since 1999. The 10-year government bond yield rose 2.46 percentage points to its highest level in more than a decade, undoing a rally tied to Flávio Bolsonaro’s first-round lead. Lula, in office since Jan. 1, 2023, must weigh costly pledges—benefit protections, minimum-wage hikes above inflation, housing and education support, food tax cuts and a 40-hour work week—against a heavily right-wing Congress and White House hostility.
Continue in the app — vote & join in ➔Source: CNBC Top News · via ahirlevel.hu