Brazilian digital bank Nu plunges 23% after Lula's election win
The gist
Nu Holdings stock fell 23.0% in pre-open trading after Lula won Brazil's presidency.
Brazil is Nu's biggest market, so political risk there hits its shares.
How it unfolded
- Sep 10, 2026Nu announced its launch in the United States and introduced Nu Global.
- Sep 30, 2026Nu confirmed it was not pursuing a transaction with British digital bank Monzo, saying it remains focused on Brazil, Mexico and Colombia.
- Oct 6, 2026JPMorgan maintained Overweight and raised its price forecast from $20 to $23.