🔴 Brazil ETF (EWZ) is trading 26.51% down in pre-market amid Bolsonaro's annulment push

EWZ is trading at $31.30, down 26.51% from its October 23 close of $42.59, after Lula’s re-election, with Flávio Bolsonaro saying he would seek to annul the result.

• CNBC reported EWZ plunged nearly 20% in overnight trading after Lula’s win.
• Supplied futures are mixed, and the move appears Brazil-specific rather than a broad U.S. market decline.
• Supplied market context also flags geopolitical risks and elevated oil prices.