Brazil's Ibovespa plunges 17.3% following presidential runoff result

Brazil's Ibovespa index dropped 17.3% to touch an intraday low of 169,516 following President Lula's victory over Flávio Bolsonaro.

The single-day crash triggered a 30-minute trading suspension on the São Paulo Stock Exchange via a circuit breaker mechanism.

The sell-off reversed prior market optimism that a potential Bolsonaro administration would lower interest rates by reining in public spending.