Brazilian markets took a battering Monday following the shock reelection of leftist President Luiz Inacio Lula da Silva, but elsewhere investors were focused on artificial intelligence (AI) technology companies.
Lula came from behind to win in the second-round vote, but his right-wing challenger Flavio Bolsonaro, the son of jailed ex-leader Jair Bolsonaro, has vowed to challenge the result.
Brazilian markets reeled as trading got under way, but pared some of the steepest losses by the close. The Sao Paulo stock exchange plummeted by 13.7 percent to near a two-month low, with the real down around 8.5 percent against the dollar.
"Instead of fiscal consolidation under Bolsonaro, Brazilian assets are instead going to have to contend with Lula's campaign pledges, including a shorter working week," said Chris Turner at ING bank.
Elsewhere, investors geared up for the week's crucial run of central bank decisions and tech earnings for major companies.