Brazilian equities lost over $200 billion in market capitalization after Lula unexpectedly won the Brazilian presidential election. The iShares Brazil ETF (EWZ) fell as much as 26%, and the USD/BRL exchange rate rose by up to 12%. Brazil's benchmark stock index, Ibovespa, dropped as much as 17% to around 170,000 points, triggering a 30-minute circuit breaker for the first time since the pandemic. Prediction markets had widely given Bolsonaro an approximately 80% chance of winning, but Lula ultimately secured victory with 51.79% of the votes. Bolsonaro stated he would not recognize the election results and would ask the courts to annul the election.