From Telefónica to Santander: the stocks most exposed to Brazil plummet on the Ibex
A month before the general elections in Spain, Ibex investors are assimilating another of the elections with the greatest influence on their companies: the second round of the presidential elections in Brazil. The results have a negative impact on several of the heavyweights of the Ibex.
The Spanish stock market, Ibex, has seen significant drops, with some stocks falling by up to 8%, following the second round of presidential elections in Brazil. Lula da Silva has won the election with 51.76% of the votes, defeating Flávio Bolsonaro who secured 48.24%. This outcome has led investors to unwind positions they had taken based on the expectation of a Bolsonaro victory, causing declines in major Spanish companies with significant exposure to the Brazilian market, including Telefónica, Santander, and Mapfre.
Telefónica's stock has plummeted by 8%, while Santander and Mapfre have also seen substantial drops.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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