Lula Upset Jolts Brazil Assets, Emerging Stocks Sink to July Low

Brazil's surprise election result dominated emerging-market trading Monday as the country's stocks, currencies, and debt plunged following Luiz Inácio Lula da Silva's victory. Emerging stocks sank to a July low, reflecting investor concerns about the new administration's fiscal policies. The broad selloff underscored the market's negative reaction to the election outcome.