Brazil's election results spark market sell-off, stocks plunge 14%

on Oct. 27, according to Jin10 Data, the results of Brazil's presidential election showed Lula unexpectedly winning, catching global investors who had bet on his defeat off guard and prompting significant sell-offs in the Brazilian market.

The Real plunged nearly 8% on Monday, while Brazil's benchmark stock index dropped 14%, triggering circuit breakers. Markets are concerned about potential weakening of fiscal discipline and will closely monitor upcoming fiscal policies and the appointment of the finance minister.