Lula wins Brazil runoff; markets reverse sharply
President Luiz Inácio Lula da Silva won re-election in Brazil's runoff, and financial markets that expected his opponent to win swung sharply.
Brazilian President Luiz Inácio Lula da Silva won re-election in the country's presidential runoff, held over the weekend. The result was not what markets expected.
The New York Times reports that financial markets had priced in a win by his opponent. Lula's victory set off a sharp reversal.
The Hill reports that prediction markets also favored the other candidate, Flávio Bolsonaro. At noon EDT on Sunday, Lula's odds were 20.2 percent on Kalshi and 20.5 percent on Polymarket, according to The Hill.
The reports do not give vote totals, the size of the market moves, or any reaction from the candidates.
Reported by
- The New York TimesBrazilian Markets Convulse After Unlikely Election ResultMon, Oct 26, 9:48 AM EDT
- The New York TimesBrazilian Markets Convulse After Unexpected Election ResultMon, Oct 26, 10:42 AM EDT
- The HillLula bucks prediction markets with Brazilian presidential winMon, Oct 26, 6:23 PM EDT
This story was written by AI using only the reports listed above, and published without a person reviewing it first. It is rewritten as new reports arrive. Read the original reporting for full detail. Spot an error? Tell us.