Mixed options sentiment in Petrobras (PBR), with shares down 40c near $18.57. Options volume roughly in line with average with 58k contracts traded and calls leading puts for a put/call ratio of 0.27, compared to a typical level near 0.44. Implied volatility (IV30) dropped 1.49 near 40.72,in the top quartile of the past year, suggesting an expected daily move of $0.48. Put-call skew steepened, indicating increased demand for downside protection, following a downgrade to Hold at Jefferies.
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