Brazil ETF Tumbles After Reported Lula Election Upset
Edited by Steinar Vigdel Kolnes, Editor, Oslo
Decrypt reported that the iShares Brazil ETF dropped as much as 26% after Lula da Silva defeated Flávio Bolsonaro, while the dollar surged against the real.
The iShares Brazil ETF fell as much as 26% following Lula da Silva’s election victory over Flávio Bolsonaro, according to Decrypt.
The reported result ran counter to prediction-market expectations, which had put Bolsonaro’s chances of winning at 80%.
Currency markets also moved sharply, with the U.S. dollar gaining as much as 12% against the Brazilian real, the report said.
Source: Decrypt
