A shock in Brazil sends stocks plunging, while neoclouds take another hit
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Brazil’s early election result sparked an overnight sell-off as Luiz Inácio Lula da Silva won a fourth term.
- ✓The iShares MSCI Brazil ETF fell over 20% while Petrobras shares dropped 20%.
- ✓Elon Musk warned that beaten-up neocloud stocks face a "guppy-level death." Markets now wait to see how Lula acts.
Story at a Glance
- Category
- MARKET
- Reported By
- CNBC
- Reading Speed
- 5 Minute(s)
- Market Focus
- India Economy
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Hello, this is Leonie Kidd with today's edition of Morning Squawk.
Two shocks - one busy morning.
The early election result in Brazil has sparked an overnight sell-off in the country's assets.
While Elon Musk has stepped into the neocloud debate with a stark warning that these beaten-up stocks face a "guppy-level death."
Futures are clinging on to small gains, but only just.
Happening now: Dramatic Comeback
Luiz Inácio Lula da Silva has won an unprecedented fourth term as Brazil's president, in a dramatic comeback from a first-round vote that saw him trailing rival Senator Flávio Bolsonaro.
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