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Brazil-exposed stocks in Europe slide after Lula's election win

By Reuters News

** Several European stocks exposed to Brazil fall on Monday after surprise election win of Luiz Inacio Lula da Silva

** Senator Flavio Bolsonaro, son of former president Jair Bolsonaro who had won the first round of election earlier this month, refuses to concede

** "It's a business-friendlier environment if Bolsonaro would have won," Kepler Cheuvreux analyst Richard Withagen says

** Spanish telecoms group Telefonica TEF.MC falls around 7% to its lowest since January 2021 -- Brazil is its largest market by revenue and one of its main profit drivers

** Spanish lender Santander SAN.MC, which gets around 15% of its earnings from Brazil according to Citi, is down around 4%

** Citi says it expects investor focus to shift to Brazil's fiscal outlook and the risk that likely higher for longer rates will delay the bank's asset-quality normalization

** Edenred EDEN.PA, Carrefour CARR.PA, Pluxee PLX.PA, Anheuser-Busch InBev ABI.BR and Heineken HEIO.AS dip between around 0.8% and 3.5%

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