# Nubank Beats Market After Lula Win

> Nubank, the only US-listed Brazilian fintech, outperformed the stock market following Lula's election victory.
- Title: Nubank Beats Market After Lula Win · Brazil Reports | Shortify
- Summary: Nubank, the only US-listed Brazilian fintech, outperformed the stock market following Lula's election victory. Nubank's stock rose 16.95% while Brazil's…
- Keywords: nubank, lula, ibovespa, brazil, fintech, election, stock market, Brazil Reports
- Source: Brazil Reports — https://brazilreports.com/nubank-only-us-listed-brazil-fintech-to-beat-stock-market-after-lula-win/7458
- Author: Rosalia Mazza
- Published: 2026-11-04T17:32:03+00:00
- Read time: 1 min
- Topics: nubank, lula, ibovespa, brazil, fintech, election, stock market, news
## Lula's Election Victory
Lula won the October 25 second round with 51.79% of valid votes against 48.21% for Bolsonaro.

> Lula won the October 25 second round with 51.79% of valid votes against 48.21% for Senator Flávio Bolsonaro of the Liberal Party (PL)
## Market Reaction
The Ibovespa fell 13.88%, triggering a circuit breaker, while the dollar rose 8.21% to R$5.403.
## Fintech Performance
Nubank fell 16.95%, less than the Ibovespa's 20% dollar loss, due to operations in Mexico and Colombia.
## Tax and Regulatory Impact
Lula raised taxes on fintechs to 12% from 9% in April 2025, with potential increases to 15% by 2028.
## Central Bank Decisions
The central bank will decide on interest rates, with options traders expecting a hold at 13.75%.
## Finance Minister Appointment
Lula has postponed naming a finance minister until after his foreign trip, with Dario Durigan still a possibility.
## Market Consequences
Fintechs face tax hikes and stricter regulations, with potential impacts on their profitability.

> Lula’s win "stokes fears of further tax hikes and heavier regulation on Brazilian lenders"
## Key takeaway

Nubank's stock rose 16.95% while Brazil's market fell 13.88% after Lula won the election.