Brazil ETF Drops 25% on Lula Win, Erasing a Full Year of Gains
As seen on the 24/7 Wall St. homepage on October 26, 2026.
A full year of Brazil gains erased before the US open, with the fiscal path under a new Lula term now the only thing that decides whether this level holds.
Lula's win in Brazil is so far good for a 25% drop in its stock market ETF traded here in the US. The iShares Brazil ETF $EWZ is down 25.4% pre-market and trading right where it ended 2025. https://t.co/QNQ11LNmgH
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The iShares Brazil ETF fell 25.4% in pre-market trading after Lula's election victory, erasing every dollar of gain built over the year before the US opening bell.
Investors are sharply repricing Brazil's fiscal outlook under a new Lula term, with a single election result unwinding a full year of equity returns in hours.
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The ETF's end-of-2025 price is now the immediate line to watch, and whether it holds depends on what the incoming government signals about spending and budget priorities.
The trade is drawing heavy attention from investors deciding whether this is capitulation or the opening move in a longer repricing.
Mentioned: EWZ