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Financial markets were reported to be unhappy with the surprising re-election of Luiz Inácio Lula da Silva as Brazil’s president. Lula was said to need to take greater account of investors’ concerns.
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The Brazilian real had risen by 10% through May 2026, but that gain was subsequently wiped out after Lula was unexpectedly re-elected. A free fall in the currency is considered unlikely.
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Incumbent President Luiz Inácio Lula da Silva won Brazil’s presidential runoff against far-right Senator Flávio Bolsonaro, the son of former president Jair Bolsonaro, and secured a fourth term. The electoral authority announced the result after polling stations remained open longer following reports of transport problems and heavy rain. Reports gave Lula either 51.76% or 51.79% of the vote, against 48.24% for Bolsonaro. Bolsonaro refused to concede, called for the result to be invalidated and alleged that the Supreme Court had changed election rules at the last minute. Brazilian shares fell sharply on Monday after Lula’s unexpected victory, with reports saying investors had anticipated a Bolsonaro win.
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Reports described lawyer, politician and online influencer André Janones, 42, as having played an important role in Luiz Inácio Lula da Silva’s successful presidential campaign, particularly through social media. One report said Janones might become a minister.
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Flávio Bolsonaro, who lost Brazil’s presidential election to incumbent Luiz Inácio Lula da Silva, left Brazil with his wife and two daughters despite a Supreme Court order barring him from leaving and requiring him to surrender his passports. The order was linked to an investigation into suspected money laundering; Brazilian authorities also opened an investigation into possible illegal foreign financing of his campaign. He travelled through Argentina and Ecuador before arriving in Miami, Florida. Bolsonaro continues to reject the result, called himself Brazil’s legitimately elected president and said he would lead the opposition from the United States. He alleged political persecution but provided no evidence for his election claims. The United States said it intended to grant him and his family visas. A single report said a White House official helped arrange the private flight. Brazil has summoned an Argentine diplomat to explain Bolsonaro’s travel movements.