The narrow victory for Lula in the second-round of Brazil’s presidential election yesterday has, so far, thankfully not been contested by Bolsonaro. But there’s still likely to be a negative reaction in financial markets when they open later today. The key now is whether Lula acts to keep investors on board, including with the appointment of an investor-friendly finance minister, dialling back some of his talk of more interventionist policymaking and unveiling details of plans around the country’s fiscal rules.
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