German-listed shares in Brazil’s state-run oil company Petrobras (PETR4.SA) slipped more than 7 per cent in early European trade after leftist leader Luiz Inacio Lula da Silva narrowly defeated President Jair Bolsonaro in a runoff election.

Petrobras shares slipped to 12.4 euros, levels last seen in early October, although trading volumes were extremely thin, according to Refinitiv data. ,

Meanwhile, London-Listed iShares MSCI Brazil ETF (IDBZ.L) fell 2.4 per cent in to a one-month low.