Banks Dragging Brazilian Index Lower; Earnings Miss by Banco Bradesco Pace Sector Decline

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Latin American markets are little changed today although Brazil's Ibovespa index is down sharply, sliding about 1.7% following a three-day break.

Brazilian stocks were idle Friday due to a regional holiday. Financial stocks have been a significant drag on the Ibovespa today after Banco Bradesco SA ( BBD ) reported 2012 financial results that narrowly missed earnings estimates. ADRs of the country's second largest bank were down near 3% to $18.30 each on the NYSE this afternoon with BBD reporting R$11.52 billion, or around $5.7 billion, in 2012 adjusted net income, up 2.9% from the R$11.2 billion in adjusted net income the prior year.

Here's where the regional markets stand today:


- Ibovespa down 1,066.8 (-1.7%) to 60,103.

- IPC (Mexico City) was up 35.25. Now up 12 (+0.03%) to 45,588.9.

- Santiago Index IPSA was up 1.61. Now up 5.78 (+0.15%) to 3,891.1.

- Merval Buenos Aires up 6.67 (+0.20%) to 3,346.44



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: BBD

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