Market Talk: Brazil 'set for currency and equity selloff' after surprise Lula victory

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Market Talk: Brazil 'set for currency and equity selloff' after surprise Lula victory

It's a busy week for markets, with three major central bank decisions in the diary, but it started with a tumble in the Brazilian real after Lula's surprise election victory. Francesco Pesole of ING told Reuters investors had heavily bid up the currency after right-winger Flavio Bolsonaro topped the first round of the polls, in anticipation of spending cuts ahead.