Brazil: ⚡️🇧🇷📉 In Brazil, the São Paulo Stock Exchange closed yesterday dow...

⚡️🇧🇷📉 In Brazil, the São Paulo Stock Exchange closed yesterday down 13.9% after Lula's victory in the runoff against Flávio Bolsonaro, recording the worst session since 2020. The real lost 8.1% against the dollar.

🔻Among the biggest declines were Banco do Brasil, down about 29%, Bradesco 21% and B3, the company that runs the Brazilian stock exchange, 36%. Many companies active in services, infrastructure and sectors most dependent on the domestic economy also fell sharply.

🔻Investors had bet on a Bolsonaro victory, associating it with a rapid reduction in public spending and the deficit, lower taxes and more business-friendly policies. Lula instead ran the campaign promising to expand social spending, raise the minimum wage above inflation, reduce the work week without salary cuts and continue protectionist policies for the Amazon.