Brazil’s President and presidential candidate Luiz Inacio Lula da Silva waves a national flag during a campaign rally in Sao Paulo, Brazil, on Sept. 26, 2026.
Miguel Schincariol | Afp | Getty Images
Luiz Inácio Lula da Silva has won a fourth term as Brazil’s president, coming from behind to beat Senator Flávio Bolsonaro in a runoff that split the country almost evenly.
Lula took 51.8% of valid votes to Bolsonaro’s 48.2%, according to the Superior Electoral Court.
Victory of the 80-year-old leftist, who had trailed in the first round, blocks a rightward shift in Latin America that U.S. President Donald Trump has backed. Lula is set to govern from 2027 to 2030, facing a Congress where Bolsonaro’s Liberal Party holds the largest bench in decades, and with the public debt that he must stabilize.
The iShares MSCI ETF tracking Brazilian stocks plunged nearly 20% following Lula’s win.
iShares MSCI Brazil ETF (EWZ)
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