Latin American markets are broadly higher today as concerns
waned over Europe's ability to resolve its debt problems and the
U.S. manufacturing sector expanded for the first time since May,
supporting gains for mining and energy stocks on demand
In regional news, the leftist government of Hugo Chavez in the
week heading up to presidential voting reportedly has turned to
importing large quantities of gasoline and selling it at reduced
prices following a series of refinery accidents earlier this
The state energy monopoly Petroleos de Venezuela SA has
purchased at least 2.5 million barrels of fuel over the past month
from companies operating around the U.S. Gulf Coast, the Wall
Street Journal reports, citing an employee at a local shipping
company who did not want to be identified because the firm receives
contracts from PdVSA, as the Venezuelian state company is
Oil traders and ship brokers in recent weeks have seen several
tankers carrying products like gasoline in the country, the
Here's where the regional markets stand this afternoon:
- Ibovespa up 736.4 (+1.2%) to 59,912.24.
- IPC (Mexico City) up 378 (+0.9%) to 41,106.
- Santiago Index IPSA down 1.47 (+0.03%) to 4,228.
- Merval Buenos Aires up 16.69 (+0.68%) to 2,468.42.
In company news, Transocean (
) ADRs are about 4% at around $46.70 apiece after a Brazilian court
on Sunday overturned an injunction threatening to halt off-shore
drilling by rig operator, accepting arguments an injunction would
have caused billions of dollars in lost revenue for the government
and the state-led oil firm Petrobras (
Judge Felix Fischer, president of the STJ - Brazil's
second-highest court - said in a court document seen by Reuters he
would accept part of an appeal filed late last month by the oil
regulators on behalf of PBR seeking to table the injunction.
Transocean currently has 10 rigs under contract for work in
Brazil, with nine currently in country. RIG has been fighting with
Brazilian prosecutors since last October over damage claims
resulting from oil seeping from Chevron (
) offshore project with the government wanting RIG and CVX to each
pay $20 billion in damages, using the injunctions as leverage to