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Brazil Stock Market Crashes After Lula’s Upset Victory
Brazil’s stock market, as measured by the iShares MSCI Brazil ETF (EWZ), fell as much as 26% on Monday after President Luiz Inácio Lula da Silva defeated Senator Flávio Bolsonaro in the runoff election. The ETF touched $31.40 before trimming the loss to about 23% at $32.84 by 10:38 a.m. ET. The dollar rose as much as 12% against the real, and the Ibovespa, Brazil’s benchmark stock index, fell as much as 17% to about 170,000 points. The drop combined with the rise in the dollar to leave the ETF about 26% lower than its Friday close of $42.60.