Lula Wins 4th Brazil Term With 51.8% After Runoff Comeback
Updated
Updated · CNBC · Oct 26
Lula Wins 4th Brazil Term With 51.8% After Runoff Comeback
3 articles · Updated · CNBC · Oct 26
Summary
51.8% of valid votes gave Luiz Inácio Lula da Silva an unprecedented fourth presidential term, defeating Flávio Bolsonaro 48.2% after trailing in the first round.
The comeback was historic—the first since Brazil restored direct elections in 1989 that a candidate lost round one and still won the final runoff.
Voting was disrupted by suppression allegations and weather problems: Lula's camp cited suspended public transport in key areas, while Bolsonaro's side pointed to rain-hit polling stations, leading the court to extend voting by two hours.
Markets reacted sharply to the result, with the iShares MSCI Brazil ETF dropping nearly 20% overnight before trimming losses to about 18%, as investors had expected Bolsonaro-backed fiscal austerity to support assets.
Lula, 80, now heads into a 2027-2030 term facing a Congress dominated by Bolsonaro's Liberal Party and public debt at 82.9% of GDP, testing his room to govern.