Lula Wins Brazil Runoff; Brazil ETF Plunges 27% in Premarket Panic
EWZS is trading near its 52-week low of $11.7 (5.4% below the low) on elevated volume (9.0× avg).
Summary
Lula da Silva won Sunday's runoff, securing a fourth term, and Brazil markets went into panic mode. The iShares MSCI Brazil ETF dropped more than 27% in premarket trading, and EWZS is priced near its 52-week low. The result defied first-round momentum and most polls, which had Senator Flávio Bolsonaro ahead, and Bolsonaro has not conceded, citing an 'unacceptable' Supreme Court order that extended voting by two hours. That unresolved dispute is the part that matters most for risk: a contested result keeps political uncertainty elevated on top of the policy concerns already weighing on Brazilian assets.
At the time of this announcement, EWZS was trading at $11.07 on NASDAQ in the Finance sector. The 52-week trading range was $11.70 to $17.15. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.