REUTERS/Pilar Olivares
A worker walks past a banner of Brazil's President Dilma Rousseff.
Markets were hoping for a win from pro-business candidate Aecio Neves, and are expressing their disappointment this morning.
In Frankfurt, part-nationalized Brazilian energy giant Petroleo Brasiliero is down 10.78%.
And in Paris, the Lyxor ETF Brazil, an exchange traded fund that tracks the country's Ibovespa index of equities, is down 9.42%.
It's the same story across the world. The main ETF tracking Brazil in Japan opened down more than 7%.
And according to Andres Adabia at Pantheon Macroeconomics, it's likely to get worse before it gets better:
"Over the last four years, the Ibovespa has fallen close to a third, and it is down slightly this year-to-date. The real has weakened 33% since Ms. Rousseff took power, and markets-correctly, in our view-see few signs of hope for a turnaround. We doubt Ms. Rousseff will begin the significant shift to a more market-oriented economy that the country needs. The economy will continue in its slow growth, high inflation, mode for the foreseeable future. We therefore expect markets to remain under pressure."