The shock of Lula's victory for the Brazilian markets ▫ Victory in the elections does not always mean good news for the markets. In Brazil, Lula da Silva's return to the presidency surprised investors who had expected a right-wing victory. The markets' reaction was also quick: Brazilian stocks fell and the value of the real, the country's national currency, was at a record low. But what changed the election result? After losing the first round, Lula rebuilt his election campaign. Social media became his primary means of connecting with voters, and promises such as debt relief and increased aid were at the center of the campaign. At the same time, Donald Trump's support for the Bolsonaro family gave Lula an opportunity to link the contest to the question of national sovereignty and foreign intervention. The link of this program is in the mechanism.

The shock of Lula's victory for the Brazilian markets ▫ Victory in the elections does not always mean good news for the markets. In Brazil, Lula da Silva's return to the presidency surprised investors who had expected a right-wing victory. The markets' reaction was also quick: Brazilian stocks fell and the value of the real, the country's national currency, was at a record low. But what changed the election result? After losing the first round, Lula rebuilt his election campaign. Social media became his primary means of connecting with voters, and promises such as debt relief and increased aid were at the center of the campaign. At the same time, Donald Trump's support for the Bolsonaro family gave Lula an opportunity to link the contest to the question of national sovereignty and foreign intervention. The link of this program is in the mechanism.