Lula Wins Brazil Election as Bolsonaro Allies Accept Defeat

Luiz Inácio Lula da Silva won Brazil's presidential election, but defeated candidate Flávio Bolsonaro announced he will seek to annul the runoff vote. However, parties that backed Bolsonaro have accepted the result and declined to support his challenge. Bolsonaro's argument centers on a judicial decision extending voting hours by two hours in some cities due to transport issues. Official data shows 35,521 people voted during that extension, a small fraction of 158.7 million eligible voters, while Lula won by over four million votes. The financial impact was significant, with São Paulo's stock exchange temporarily suspending operations after a drop exceeding 16% and the real weakening against the dollar. Regional leaders congratulated Lula, including Mexico's president, while Argentina's Javier Milei had not yet commented.