SUMMARY
- Luiz Inácio Lula da Silva has won a fourth term as Brazil’s president.
- Lula took 51.8% of valid votes to Bolsonaro’s 48.2%, according to the Superior Electoral Court.
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.
Lula began his victory speech by saying his camp convinced people that voting is important to safeguard democracy in Brazil.
He said his side defeated what he called foreign intervention through digital platforms and said Brazil needs to regulate digital platforms.
He said Brazil is no one’s backyard.
“I would like to thank the Brazilian people for the generosity they have shown me for a long time,” said Lula in his victory speech in São Paulo. “And, in this second round, I want to thank the generosity of the Brazilian youth, who took to the streets to defend democracy.”
Reaction from Bolsonaro’s camp: From jubilation to shock
When around 13% of the ballots were counted, Bolsonaro took the lead over Lula and Bolsonaro’s camp erupted in celebration — music got louder and they even started setting up a barbecue.
It didn’t take long for the mood to change.
With Lula’s victory becoming more certain by the minute, politicians, aides and supporters started to leave the campaign venue.
One of them was Congressman Izalci Lucas, who raised suspicions about how the vote was conducted.
“Why did they extend the vote for two hours? That’s really weird,” said Lucas, refusing to say whether he accepted the results. “I don’t know what will happen.”
One supporter took off his yellow jersey, which has become a symbol of supporters of the Bolsonaro family, as he left the venue.
A Supreme Court order extended voting two hours; the right calls it interference, Lula’s allies say buses failed.
The right attacks the court order; Lula’s side says the right is preparing to contest.
The Mood Tonight
Brazil went to bed on Sunday with a shock. Nearly every final poll, and the prediction markets until Sunday afternoon, had Flávio Bolsonaro ahead; the count now shows Lula leading, 51.77% to 48.23%, with all polling stations counted.
CNBC/ Reuters
