Updated

Brazil's Lula won the final presidential runoff after finishing behind in the first round, according to CNBC Top News. It is the first time since Brazil returned to direct presidential elections in 1989 that a candidate has won the runoff after losing the first round. The report did not give vote totals, the margin of victory or details of the market reaction. Lula's win matters for investors because Brazil is a major emerging market and its policy direction shapes the outlook for trade, fiscal policy and the currency.