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The Brazilian real fell sharply following the surprising re-election of leftist President Luiz Inacio Lula da Silva, with a decline of over 11% against the US dollar. The Sao Paulo stock exchange also experienced a significant drop of nearly 17%, leading to a temporary suspension of trading. Analysts suggest that the market's reaction is tied to Lula's unexpected victory over Flavio Bolsonaro, who is seen as more market-friendly. The acceptance of the election results by Bolsonaro is crucial for local financial markets.