The iShares MSCI Brazil ETF, which tracks Brazilian stocks, fell 25% in premarket trading after Luis Inacio Lula da Silva won the presidential election, Yahoo Finance reports. The oil and gas company Petrobras fell by 22%, and the digital bank Nu Holdings by 25%. Futures contracts for the Brazilian real fell by 10%, writes the Financial Times. Market participants are selling assets due to fear of an increase in government spending and increasing budget deficits under the new administration.