Brazil's Ibovespa index fell 13.88% on Monday, October 26, to 176,608 points, its steepest one-day fall since March 2020, after President Luiz Inácio Lula da Silva won the October 25 runoff, according to The Rio Times. A circuit breaker halted trading for 30 minutes after a 10% drop in the morning. The US dollar rose 8.79% against the real, its largest one-day move since at least 2020. Banks and other domestic-focused companies fell hardest, while exporter Vale rose 4%.

MercoPress reports that markets had positioned for a win by Senator Flávio Bolsonaro, who led the first round, on expectations of tighter fiscal policy. Brazil's Treasury canceled the debt auctions scheduled for October 27 to 29. Bolsonaro has not recognized the result and has said he will seek to annul it. Analysts quoted by MercoPress say investors now want a fiscal plan that stabilizes debt, which exceeds 80% of GDP.