Brazil: Master Case Secrecy Lift Adds Electoral Volatility, Asset Rally Pauses

Brazilian markets had rallied on rising odds of Flávio Bolsonaro's presidential victory, but Friday's decision by STF Justice Edson Fachin to lift secrecy on the Master case triggered a slight correction in equities, rates, and FX. The move signals that the election is not fully priced and volatility will persist as legal developments intersect with the campaign.