Brazil's stock market loses over $200 billion as Lula defeats Bolsonaro in runoff

Brazil's stock market lost over $200 billion in value at Monday's open after Luiz Inacio Lula da Silva defeated Flavio Bolsonaro in Sunday's runoff election. The iShares MSCI Brazil ETF (EWZ) fell as much as 26%, triggering the B3 exchange's first circuit breaker since the pandemic. The Brazilian real weakened over 12% against the dollar, and Bolsonaro has said he will seek to annul the result.