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Trump Critic Lula Wins Record Fourth Term In Brazil In Surprise Comeback

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Trump Critic Lula Wins Record Fourth Term In Brazil In Surprise Comeback
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Luiz Inacio Lula da Silva won Brazil's presidential runoff election, securing a fourth term after defeating Flavio Bolsonaro. The election was marked by high tension and allegations of voter suppression, leading to concerns about political instability and market volatility.

Why it matters

The election result in Latin America's largest economy has significant implications for regional politics, global trade, and market stability.

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President Luiz Inacio Lula da Silva came from behind to win Brazil's runoff election, halting a right-wing wave sweeping Latin America and defying predictions that the 80-year-old political veteran had finally reached the end of his extraordinary career. The electoral court declared Lula the victor with 51.8 per cent versus 48.2 per cent for Flavio Bolsonaro after a messy Sunday election rife with allegations of voter suppression and a last-minute extension of voting hours. It was a stunning outcome, one that will upend markets, eked out in the 11th hour, and that saw voters from Lula's heartland in Brazil's poorest region rally to the rescue of the leftist leader who has been the face of the region's resistance to Trumpism. But markets will wake up on Monday morning to the twin shock of Lula's improbable win and Bolsonaro's calls for the vote to be annulled.

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