The São Paulo Stock Exchange suspends trading after Lula's victory

São Paulo's stock exchange suspended trading for half an hour due to a significant drop in share prices following Lula's re-election. The Brazilian real depreciated by 12% against the dollar, trading at 5.5 reais per dollar. An ETF tracking São Paulo's index fell 15% in Tokyo, indicating potential volatility. Lula secured 52% of the votes, defeating Bolsonaro, who was favored by markets for his liberal economic agenda. Bolsonaro has not conceded defeat and plans to contest the results, adding to market uncertainty. European stocks, particularly those with exposure to Brazil, also suffered losses, with Telefónica down over 4%.