Lula defeats Bolsonaro in Brazil's presidential election

Luiz Inácio Lula da Silva won Brazil's presidential election, defeating incumbent Jair Bolsonaro in a runoff, triggering celebrations but also a sharp market selloff. Bolsonaro has not conceded and alleges voter fraud. Lula secured 51.74% of the vote against Bolsonaro's 48.2%, a wider margin than polls predicted. The São Paulo stock exchange fell nearly 17%, and the real dropped 12% against the dollar. Bolsonaro's son Flávio said police confiscated his passport, and Donald Trump called the election "rigged." Bolsonaro announced he will challenge the result, citing a judge's decision to extend voting hours, but the electoral court has ratified the outcome. Lula's victory marks a historic comeback, as he is the first candidate to win after losing the first round, and he will now govern a country with a right-leaning parliament.