Brazil Election Sparks Options Surge: Itaú, BB, Petrobras Calls Soar, Vale Drops 57%

In the first trading session after Brazil's first-round election, options on Itaú, Banco do Brasil, and Petrobras surged, with ITUB4 calls rising up to 386%, while Vale options dropped up to 57%. The moves reflect market expectations of policy shifts under the new government, with leverage amplifying both gains and losses. The specific policy implications remain uncertain until the second round and cabinet formation.