Brazil Supreme Court Judge Annuls Lula’s Carwash Convictions

Move clears path for Lula to run again for president in 2022
Currency, stocks tumbled on decision by Supreme Court judge

Luiz Inacio Lula da Silva greets supporters after being released from jail in Curitiba, Brazil on Nov. 8.Photographer: Guy Pichard/Bloomberg

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By Simone Iglesias

March 8, 2021 at 7:01 PM UTC

Updated on

March 8, 2021 at 9:48 PM UTC

This article is for subscribers only.

Brazilian markets tumbled after Supreme Court Justice Edson Fachin annulled former President Luiz Inacio Lula da Silva’s convictions in the Carwash corruption probe, clearing the way for the leftist leader to run again for the nation’s top job if he so chooses.

Stocks fell 4% on the news, by far the worst performer among major indexes on Monday. The real sank more than 2% to 5.82 per dollar at the close, the lowest since May and past the last technical barrier before the all-time intraday low of 5.97.