LULA LEADS BRAZIL RUNOFF, MARKETS BET WRONG

Luiz Inácio Lula da Silva leads Flávio Bolsonaro 51% to 49% in Brazil's presidential runoff, with most votes counted, putting Lula on track for an unprecedented fourth term. Three weeks ago, when Bolsonaro topped the first round, Brazil's Bovespa jumped 8% on bets that Bolsonaro would push through fiscal tightening. A Lula win reverses that trade overnight, leaving $EWZ holders facing the opposite outcome from the one markets priced in three weeks ago.