Brazil’s Stock Market Crashes After Lula’s Upset Victory
Summary
Brazilian financial markets experienced a sharp downturn following a surprising presidential election outcome. The primary exchange traded fund for the nation saw a steep decline in value. At the same time, the United States dollar strengthened significantly against the local currency.
The iShares Brazil ETF fell as much as 26% after Lula da Silva beat Flávio Bolsonaro, who prediction markets had at 80%, while the dollar jumped as much as 12% against the real.
Source: Read the full story at Decrypt
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