Luiz Inácio Lula da Silva's surprise re-election as Brazil's president on Sunday prompted a sharp market reaction — and showed the tightrope he must walk between pleasing his grassroots base and nervous investors who could fuel a fiscal crisis. The country's benchmark stock index tumbled 13.9% on Monday, the sharpest daily decline since the start of the COVID-19 pandemic, and the Brazilian real fell nearly 8% against the U.S. dollar, the most since 1999. The yield on Brazil's 10-year government bond rose 2.46 percentage points to its highest level in more than a decade.
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