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Politics · 2026-10-26 · Morning briefing

Lula da Silva wins Brazil presidency, faces hostile congress

Lula da Silva has won Brazil's presidential election, defeating Senator Flavio Bolsonaro by more than four million votes. The victory marks a remarkable turnaround for the 80-year-old, who was jailed from 2018 to 2019 on corruption charges that were later overturned.

Mr Bolsonaro, the eldest son of former president Jair Bolsonaro, has refused to concede and is seeking to have the result annulled. Financial markets, which had bet on his victory, reacted sharply; a Tokyo-listed fund tracking Brazil's Bovespa index fell nearly 15%, and the Brazilian real is expected to weaken against the dollar.

The president-elect will, however, face a legislature dominated by his opponents. The Liberal Party of Jair Bolsonaro and its allies are projected to hold comfortable majorities in both chambers, with more than 280 seats in the lower house and up to 50 in the Senate.

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