Brazil runoff live updates: Bolsonaro says it is ‘impossible to concede’ election result after historic Lula win

Brazil's President-elect Luiz Inácio Lula da Silva has won a historic fourth non-consecutive term as president. This victory marks a significant shift in Brazil's politics, as Lula's left-wing policies are expected to influence the country's economic and social landscape. The outcome of the election has sparked a reaction from the defeated candidate, Jair Bolsonaro's son Flávio Bolsonaro, who has refused to concede the result, citing concerns about election integrity.

Why it matters

The election result is disputed by the incumbent president, which could lead to political instability. This uncertainty may negatively impact investor sentiment and the Brazilian economy.

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