Brazil's Ibovespa Plunges 17.34% as Real Falls Nearly 12% After Lula Wins Election

Brazil's Ibovespa fell as much as 17.34% on Monday after Lula won the presidential runoff with 51.79% of the vote. The real weakened nearly 12% against the US dollar, and B3 triggered a 30 minute circuit breaker. The Treasury canceled fixed rate and inflation linked bond auctions as rate futures surged.