A Brazil-linked Hyperliquid contract fell as much as 27% following President Luiz Inácio Lula da Silva’s runoff win, offering an early market signal ahead of Monday’s regular trading.
The perpetual contract references the U.S.-listed iShares MSCI Brazil ETF (EWZ), a fund holding Brazilian stocks. The reported drop was in the Hyperliquid contract; U.S. trading in EWZ shares had yet to begin.
Brazil’s Superior Electoral Court (TSE) said Lula won 51.79% of valid votes in Sunday’s runoff, compared with 48.21% for Sen. Flávio Bolsonaro. The result gave Lula a fourth term after he entered the runoff behind Bolsonaro.
CME Group currency derivatives indicated about 5.55 Brazilian reais per U.S. dollar before local markets opened. That futures-market indication was not an exchange rate established in Brazil’s domestic trading.
Brazilian assets had risen after the first round as investors positioned for a Bolsonaro victory. Monday’s local trading will show how Brazilian stocks and the real respond to the election result.
