Lula reelection prompts market losses and annulment push

Luiz Inácio Lula da Silva’s reelection in Brazil triggered a sharp selloff in local markets and a challenge to the result from defeated candidate Flávio Bolsonaro, who said he would seek its annulment. The election authority certified the result, while the legal challenge and claims about voting procedures remained in dispute. Flávio Bolsonaro said he could not recognize the outcome, arguing that the rules had changed after a judge extended voting hours. He said his legal team would pursue annulment. His remarks were reported by multiple accounts, but they stemmed from the same public statement. The extension followed requests from both campaigns, according to one account: Lula’s team cited transportation delays, while Bolsonaro’s camp raised bad weather. A judge ordered voting to continue for two additional hours. The accounts do not establish the practical effect of the order at polling stations or whether voters were unable to cast ballots. Brazil’s electoral court certified the result without finding irregularities in the count, according to one report. Financial pressure followed the result. The Brazilian real fell 8% against the U.S. dollar on Monday, and the benchmark...