Itau Unibanco Banco Mult

BRAZIL JUST TRIGGERED ITS FIRST STOCK MARKET CIRCUIT BREAKER SINCE MARCH 2020

The Ibovespa fell 10% at the open after Lula won a 4th term, forcing exchange operator B3 to halt all trading for 30 minutes

US-listed Brazilian stocks are getting wiped out this morning

$XP(XP.US) -51%

$Banco Bradesco SA(BBD.US) -32%

$StoneCo(STNE.US) -30%

$Cia de Saneamento Basico do Estado de Sao Paulo(SBS.US) -28%

$Pagseguro Digital(PAGS.US) -27%

$Itau Unibanco Banco Mult(ITUB.US) -24%

$EWZ -23%

$NU Holdings(NU.US) -21%

$Petroleo Brasileiro SA(PBR.US) -18%

$Ambev(ABEV.US) -16%

The real fell about 12% against the dollar in early spot trading and Brazil's Treasury cancelled its government bond auctions set for Oct 27 and Oct 29, per Reuters

Markets had positioned for a Flávio Bolsonaro win after he led the first round, and that entire trade is being unwound in a single session

Meanwhile the S&P 500 is up 0.9% and the Nasdaq is up 1.2%, a reminder that a country-level political shock can erase months of gains overnight without touching US megacaps

Source: StockMarket.News