Lula re-election unsettles Brazilian markets
By the AFREEQUE newsroom, based on Gabonactu
The re-election of Luiz Inácio Lula da Silva in Brazil caused financial markets to fall, as they had anticipated victory for his conservative rival. Investors fear increased public spending during his new term, according to analysis relayed by Gabonactu.
The re-election of Luiz Inácio Lula da Silva to the presidency of Brazil sent financial markets lower on Monday 26 October, as investors had anticipated a victory for his conservative rival and were now concerned about increased public spending, reports Gabonactu.
The reaction came a day after Lula won the election, which Flávio Bolsonaro contested. The re-elected president promised to make his new term the best in Brazil’s history, while thousands of Brazilians celebrated his victory.
Lula’s re-election was also welcomed by several foreign leaders. It opens a new term for the left-wing president, whose victory was announced with 51.78% of the vote.
