Lula defeats Bolsonaro to win record fourth term as Brazil's president

Luiz Inácio Lula da Silva won a record fourth term as Brazil's president, defeating Flávio Bolsonaro in a runoff with 51.76% of the vote to 48.24%, according to the electoral court on Sunday. The victory halts a right-wing wave in Latin America and defies predictions about the 80-year-old's career, though it faces investor concerns over fiscal policy and a deeply polarized nation. Lula's win was aided by strong support from poorer regions and last-minute measures to ease household financial pressures. Lula now confronts significant challenges, including rising deficits, high interest rates, and record personal loan defaults. He also lacks a clear political heir and must address institutional fragility while pursuing his social agenda and critical minerals development.