Brazil Stocks and Real Tumble on Lula Reelection
Brazilian markets fell sharply on Monday following the reelection of President Luiz Inacio Lula da Silva. The local currency and benchmark stock index suffered historic drops as investors worried over the fiscal outlook.
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Brazil stocks and the real currency plummeted on Monday after President Luiz Inacio Lula da Silva won reelection, erasing recent market gains. The real tumbled 11% against the United States dollar in early spot trading, while the benchmark Bovespa stock index fell 15%.
