Flavio Bolsonaro will seek annulment after Lula won the runoff 51.76% to 48.24%, a margin of 4.35 million votes with 99.77% counted. Read more:

Flavio Bolsonaro has announced he will seek annulment of the runoff result after Luiz Inácio Lula da Silva won with 51.76% of the vote against 48.24%, a margin of roughly 4.35 million votes with 99.77% of ballots counted. The development introduces a legal and political contest over the outcome of Brazil's presidential election, shifting the market debate from the result itself to the durability of its institutional acceptance. Brazilian assets, particularly the real and domestic equities and sovereign bonds, are most exposed because investors price election-driven shifts in fiscal policy credibility, with a Lula administration historically associated with higher public spending and a contested mandate raising questions about governability and reform momentum. Foreign capital flows into Brazilian local-currency debt and the Bovespa are the transmission channels most sensitive to any prolonged dispute. Traders will watch the Superior Electoral Court's handling of the annulment petition and the formal certification timeline, along with the Central Bank of Brazil's next Copom rate decision for signals on how policymakers view currency and inflation risk.

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