The Brazilian real fell to a 26-year high after Lula da Silva's election victory, writes the FT. The national currency immediately fell by 8% against the US dollar. Sao Paulo's Vespa stock index fell 13.9% after a brief emergency trading halt. This is the strongest decline in the index since 2020, writes the Financial Times. Investors are wary of the rise in public debt and budget spending in Latin America's largest economy after the victory of a left-wing candidate, the paper notes.

The Brazilian real fell to a 26-year high after Lula da Silva's election victory, writes the FT. The national currency immediately fell by 8% against the US dollar. Sao Paulo's Vespa stock index fell 13.9% after a brief emergency trading halt. This is the strongest decline in the index since 2020, writes the Financial Times. Investors are wary of the rise in public debt and budget spending in Latin America's largest economy after the victory of a left-wing candidate, the paper notes.