According to CoinMeta, Brazilian President Lula won the election on Sunday unexpectedly, which led to a significant decline in the Brazilian stock market. Lula received about 51.8% of the votes, defeating the right-wing senator Bolsonaro. The election results triggered a sell-off among investors, with major stocks and ETF all falling sharply. iShares MSCI Brazilian ETF ( EWZ ) fell by more than 27% in after-hours trading. In addition, the Brazilian stock ETF listed in Tokyo dropped by 15%, and futures related to the Brazilian real fell by 10% during Asian trading on Monday. The market reacted violently, with investors expressing concerns about Lula's economic policies, especially given that Brazil's public debt exceeds GDP at 82%. Although Lula's government plans to achieve a budget surplus of about 1.3% by 2030, investors are skeptical about the lack of detailed spending cut plans. The market is also watching to see whether Lula will appoint a finance minister who can appease investors and negotiate fiscal reforms with the opposition parliament.