Ibex 35

Telefónica announced it will leave Mexico after 25 years of operations, a landmark retreat from one of its key Latin American markets. The news came as its shares fell more than 6% on the IBEX 35, hit by a Brazilian market plunge after Lula's election victory. Separately, chairman José María Álvarez-Pallete's successor debate continues as executives urge Brussels to speed up telecom regulatory reform to protect European tech sovereignty, linking consolidation decisions to the sector's winds of change.

Spain's Ibex 35 is on alert following the sharp fall of the Brazilian real after Lula's re-election as Brazil's president. Business Insider España reports that Spanish markets could take a hit from the currency's slump, given the close economic ties between Spain and Brazil, with investors watching closely for contagion effects.