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International Business Times
International Business Times
Business

Lula Staged an Unexpected Comeback in Brazil's Presidential Elections. Its Markets Are Plunging.

Luiz Inacio Lula da Silva Flavio Bolsonaro Donald Trump Trump Administration
Brazilian assets are plunging on Monday after Lula da Silva's comeback win in the presidential elections. (Credit: Getty Images)

Brazilian markets are plummeting on Monday after Brazilian President Luiz Inacio Lula da Silva staged an unexpected comeback and won the country's elections.

The iShares MSCI Brazil ETF fell over 25% before markets opened in the country, while the country's currency, the real, weakened more than 10%. Stocks of top companies like Nubank also plunged.

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