According to CoinMeta, the Brazilian real tumbled by nearly 12% after Lula's unexpected re-election, and the stock market IBOVESPA once fell by 17.34%. The exchange B3 activated a trading suspension mechanism after the index initially dropped by 10%. Lula won 51.79% of the votes in Sunday's presidential election, defeating his opponent Bolsonaro. This election result reversed previous market expectations, leading investors to quickly reduce their holdings. The real's exchange rate against the US dollar rose from around 4.99 reais before the election to over 5.60 reais, reflecting market uncertainty about future fiscal policies. The Brazilian Ministry of Finance also canceled auctions for fixed-rate bonds linked to inflation, indicating market concerns about public spending and debt sustainability.