MARKETS
After betting on Flávio Bolsonaro, Brazil's markets nurse an electoral hangover
B3, the headquarters of the São Paulo stock exchange. Photo: B3
Three weeks ago, Brazilian investors had already picked their president. Senator Flávio Bolsonaro's first-round lead sent the Ibovespa stock index past 200,000 points for the first time, to a record close near 207,000, while the real briefly broke below BRL 5 per dollar. Interest rate futures maturing in January 2031 fell from about 14% to 12.85%.
On Monday, the same money ran the other way. As President Luiz Inácio Lula da Silva won re-election with 51.79% of valid votes, the Ibovespa…
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