Brazil’s richest bankers lost about $10 billion on Monday after a surprise victory by the left triggered a rout in local markets, forcing the stock exchange to suspend trading.

Brazil’s main stock market index dropped to a two-month low after President Luiz Inácio Lula da Silva secured a surprise victory in the presidential election runoff.

It's a busy week for markets, with three major central bank decisions in the diary, but it started with a tumble in the Brazilian real after Lula's surprise election victory. Francesco Pesole of ING told Reuters investors had heavily bid up the currency after right-winger Flavio Bolsonaro topped the first round of the polls,

Investors had been positioned for victory by rightwing Bolsonaro, seen as more willing to tackle budget deficit