Brazil’s richest banker loses $9bn after Lula election win

The scale here is the story: a single election result erased more wealth in one session than any day since the ranking began, and the trading halt shows how thin liquidity got as the outcome sank in. This is concentrated pain — a handful of Brazil's wealthiest, tied to domestic financial assets, absorbing losses that dwarf the index's typical daily swings. The open question is whether this is a one-day repricing of political risk or the start of a sustained de-rating of Brazilian assets, and whether the market's initial shock gives way once the new government's actual policy signals emerge.