1102 ET - Brazilian stocks rally following a conservative surprise in Sunday's general elections. Presidential candidate Flavio Bolsonaro carries momentum in the runoff against leftist incumbent Lula da Silva, while conservative candidates win seats across Congress and state governorships. The results are perceived as market-friendly, fueling bets on reduced government spending and privatization. State-controlled oil producer Petrobras rises 6% in local currency and state bank Banco do Brasil is up 11%. In the private sector, digital bank Nu Holdings rises 14%. The Ibovespa stock index climbs 7%.
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