Brazil's Liberal Party recognizes Lula's re-election as president

Flávio Bolsonaro's party, the Liberal Party, has officially recognized Lula's re-election as Brazil's president, despite earlier challenges to the result. Lula won 51.79% of votes in Sunday's runoff. Party president Valdemar Costa Neto acknowledged the electoral court's results but raised questions about welfare measures approved during the campaign, which the opposition called "electoralist." Flávio Bolsonaro dropped his request to annul the vote but will seek to invalidate Lula's candidacy over alleged abuse of power. Markets reacted coldly, with São Paulo's stock exchange falling nearly 14% and suspending trading for 30 minutes.